What are Board Portals: Everything You Need to Know

81% of digitally mature companies cite innovation as a strength of an organization. This research reflects the importance of innovating on time and creating a more productive culture in the organization. Son in this tutorial we are going to talk about what are board portals.

One such method of bringing innovation to an organization is using board portal software. Organizations arrange board of directors meetings to discuss governance, oversight, budget management, organization, and decision-making objectives. Board portal software helps an organization to do all this in a secure virtual environment.

The question is, what exactly is board portal software, what are its applications, and what are its advantages? In this article, we will be answering all those. Let us start at the very beginning.

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What is board portal software?

Board portal software, board management software, or board of directors software, are all names of a secure online platform designed for administrators and board directors. It helps them access board materials, communicate through secure channels, and perform their governance and oversight duties.

board portal software

There are two facets of a board portal; one covers the administrative area, while the other covers the executive area that involves decision-making. In simple words, board management software simplifies all the steps involved in a board meeting life cycle. Let us now take a look at how it does that.

Take a look at the best board management software.

Uses of board portal software

Here are some crucial uses of board portal software.

Pre-meeting

  • Board members can organize data, schedule meetings, check directors’ availability, and update information dynamically using a board portal.
  • As the board meeting inches closer, board members can use board management software to distribute reports, create agendas, invite directors, and publish the digital board book.

pre-meeting

  • Board members can use the board portal to review, annotate, and add references to the reports or company documents depending on their access. They can also communicate with colleagues using board portal features such as secure messaging.

The course of the meeting

  • Once the meeting starts, directors can use sophisticated navigation features to keep meetings on track.
  • At the end of the meeting, directors can use the board management software to vote, sign digitally, assign tasks, set deadlines, and handle any outstanding queries. This makes the decision-making process a quick and seamless one.

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Post-meeting

  • At the last stage of the board meeting cycle, board of directors software makes things easy by sending out notifications and alerts regarding documents that need signatures, open approvals that need votes, and surveys that require a response.

post-meeting

  • After the meeting, board portals software tracks attendance reports, uploads, and progress to facilitate governance, oversight, and compliance.

Now, let’s have a look at how different board portals features can make board governance easier and smoother as compared to traditional board management practices.

Advantages of board portals software

Here are some advantages of board portals.

advantagesWe have discussed each advantage below.

Limits control to access board data

John Noble, former director of UK’s National Cyber Security Centre, considers digital security more industrialized these days:

“Cybercrime is becoming industrialized. Vulnerabilities are identified by one set of groups that then share the information with criminal groups.”

The board of directors’ data is highly sensitive information, and having it stolen or damaged can spell disaster for the organization. Handling cyber security threats is one of the biggest advantages of using board software. Board portals make that possible by allowing a specific level of control to specific people with specific needs.

For example, administrators can set permission on documents, only allowing specific board members to access that information. Similarly, administrators can add specific members to committees, making the committee information secure and available only to the members.

Administrators can also edit profiles, add or remove members, and help with forgotten passwords. Moreover, outdated material and data can be automatically set for deletion or archival. Lastly, virtual boardrooms have built-in communication channels that eliminate the need to use more vulnerable methods such as email, which are prone to phishing attacks. According to CISCO’s 2021 Cybersecurity threat trends report, at least one person clicked a phishing link in an email in about 86% of organizations.

Reduces board management costs

As already discussed, traditional board management includes spending time, money, and energy on printing, assembling, and shipping board material before meetings. Virtual boardrooms eliminate that by allowing people to share such information digitally and securely. It improves board document management and significantly cuts down costs by eliminating paper and printing needs.

Consequently, organizations that use board portal software report great ROI simply by saving costs on material and labor. As a secondary advantage, going paper-free is one of the green initiatives that generate confidence and goodwill among the stakeholders.

Reduces board meeting frequency

Board portals are software that reduces the need for frequent board meetings and increases board member engagement. Board management software allows more engagement by letting all the board members interact when their schedule allows.

board meeting frequency

This also helps with the fact that members do not have to wait for a board meeting to relay important information. Board members can vote, engage in discussions, update tasks, reference materials, and answer questions whenever they want.

Provides quick access to board information

Board portals allow greater independence when it comes to accessing board information. Traditionally, boards are limited to printed information, often provided only for specific needs. Board software tackles that by allowing secure and remote access to important information such as:

  • Board books
  • Policy manuals
  • Audit reports
  • Past meeting minutes
  • Strategic plans
  • Survey information

Conclusion

Board management is a complicated set of responsibilities such as budget management, oversight, compliance, governance, leadership, and organization. We believe we could make you understand what are Board portals and how you can efficiently handle all these responsibilities while providing more security, control, and cost-effectiveness.

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