The modern business space has always leveraged digitalization to optimize business operations and enhance management processes. However, the post-Covid era has seen an accelerated expansion of the digital frontiers as more businesses continue to deploy digital tools in their business practices. The virtual board portal is one such digital tool that has quickly become integral to the operations of corporate organizations’ C-suites.
Board portals are in high demand because of the value they offer when adequately deployed. So, what exactly is a board portal, and why are more organizations leveraging its power? In this article, we will look at what board portals offer and the standout features to look out for when shopping for one.
What are board portals?
A board portal is a centralized, highly-secured digital platform that enhances corporate operations and management. It simplifies and aligns communication, collaboration, and other board meeting-related processes and activities. Also known as board portal software, these platforms have become integral to the different stages of board meetings.
Here’s what you can do with them:
| Pre-meeting processes | Mid-meeting processes | Post-meeting processes |
| Collating agenda items | Remote attendance, executing digital signatures | Board meeting minutes approval and distribution |
| g Distributing agenda and board papers for upcoming meetings | Accessing documents for presentations | Attendance Reporting |
| Scheduling meetings | Use of annotation tools | Notifications of unfinished business |
| Reviewing, annotating, and documents. | Messaging and task tracking | Archiving functionalities |
5 reasons Board Meeting Software is Here to Stay
There are many reasons why more organizations are incorporating board meeting platforms into their operations. Here are 5 reasons why board portals are increasingly integral to corporate management:
Seamless collaboration and increased efficiency
Board portals facilitate seamless collaboration and make the meeting process more efficient. The administrators can create and distribute agendas and minutes and schedule meetings within the platform.
Leading board portal software supports the collection of digital signatures and allows attendees to collaborate on the documents and remotely add comments and notes that are updated automatically.
With the best board portal software products, you don’t need paper-based processes or the physical presence of the board directors or administrators. Oliver Girard, Founder and entrepreneur at board-room.ca, notes, “Thanks to features like real-time commenting, annotation, and discussion forums, board portals ensure interactive discussions that transcend the limitations of physical boardroom meetings.”
Enhanced decision-making
When board directors have access to the minutes, agendas, and other critical documents before a meeting, they make better decisions. That’s because they have had time to do their “homework” and are better prepared to engage in rounded, well-informed interactions when they meet.
Higher ESG ratings
Modern organizations aim to meet Environmental, Social, and Corporate Governance (ESG) goals, such as waste reduction and improved corporate governance. Board management software helps increase ESG ratings by eliminating paper-based processes and reducing paper waste. It also improves corporate governance by improving time management and staff effectiveness.
Cost-effectiveness
Organizations can also eliminate running costs by incorporating board of directors software into their management processes. Since the meeting is conducted virtually, there’s a reduced need for printing and distributing meeting materials. Pre-meeting and in-meeting activities require less preparation and time, so more time can be allocated to other activities.
On-the-go meetings
The remote access that board governance software offers is another key reason it is essential to corporate management processes. Board directors often have busy schedules, but with board meeting platforms, they can access updated information, prepare for virtual meetings, and participate in them wherever they are via mobile app or web portal.
3 things to look out for when shopping for a board portal
There are a plethora of options available in the virtual board portal market. So, how do you pick the right one that works for you? Well, here are 3 features to look out for:
- User-friendly interface. A committee management platform aims to simplify board meeting processes. To achieve this, the platform needs the correct functionalities. But beyond functionality, the platform has to be easy to navigate regardless of the users’ tech background.
- Dedicated support. It’s crucial to have first-rate, 24/7 customer support that walks you through the onboarding process after you’ve received your board portal. No matter how intuitive a board portal is, there will always be a couple of questions that require expert answers. The faster the access to the needed support, the better.
- Advanced security protocols. Despite security compliance requirements, several organizations still face security risks. Board software minimizes security risks by centrally storing corporate documents securely. They are also designed to deploy the latest security protocols to safeguard sensitive information.
Many board software reviews agree that the best board portals must deploy encryption, multi-factor authentication, and strict access controls to eliminate security risks. Since only authorized persons can access these documents, data breaches, theft, loss, and other security risks are minimized, if not eliminated.
Board management tools are the future
The digital frontier is constantly morphing at breakneck speed. More organizations are leveraging the right board management tools to stay abreast of these changes. Board portals offer organizations a range of benefits and the positioning needed to thrive in the digitized corporate space. Given the constant expansion of the board meeting software market, these platforms will continue to be an integral part of corporate strategy for the foreseeable future.
