When it comes to commercial organizations, things are different because the core objective is to maximize profits and ensure company growth. This also means the leadership is continuously under the pump.
Good governance is based on multiple factors, and regular communication between the board members is one of the most important factors, especially in the modern-day corporate world. Boardpaq software review is a great answer to a corporation’s communication woes. What else can a company do with virtual boardroom software? Read on to find out.
Board management software-defined
Board management or virtual board software is an online, paperless meeting solution for corporate boards and senior and managerial-level staff. It is a cloud-based data repository and a highly secure collaboration platform where company board members, such as directors, chairpersons, secretaries, CFOs, CEOs, investors, and stakeholders can:
● Share and access board material and other corporate documents
● Communicate with each other and external parties
● Arrange board meetings
● Assign and track tasks
● Make decisions via voting or other methods
In a nutshell, board portal software is a controlled, centralized, and highly secure virtual workspace for senior or mid-level corporate leadership.
Some notable virtual boardroom vendors include iDeals, Govenda, Nasdaq Boardvantage, Azeus Convene, iBabs, OnBoard, and Boardpac. You can read a detailed iDeals, Govenda, and Boardpac software review here.
The role of board portal software in commercial organizations
1 – Helps save money
On asset is a commodity that helps businesses generate revenue in any form. Board portals are like investments that indirectly help businesses bring more revenue, and they also save hundreds and thousands of dollars every year.
A virtual boardroom is a paperless meeting solution that eliminates the need for paper documents. A board pack usually consists of hundreds of pages, and separate copies are sent to all board members. Depending on the board size, thousands of premium quality papers are consumed for board packs. Imagine how many more are consumed when compiling, assembling, printing those documents, not even taking into account courier expenses.
These expenses combined can cost a company thousands of dollars every year. Virtual boardrooms can reduce these costs significantly. In fact, boardrooms can be used for mid-level managers, thus minimizing their paper and printing costs.
Board portals not only save money but are massive productivity boosters as well. For example, virtual boardrooms can reduce the time needed for the preparation and distribution of board packs by up to 90%. Moreover, the time needed for board meeting preparations is also reduced significantly.
Boards that still follow paper documentation systems spend a lot of time compiling, printing, and then distributing board packs to all members. If the board pack needs some changes or alterations, the board secretary will have to go through the whole process again, which will consume more money and time — surely a productivity killer.
With board portals, you can easily prepare board packs, add live document links to them, and make changes or edits in real time. The changes will be immediately updated in all board pack copies. Also, there will be no last-minute surprises during board meetings.
3 – Increases security
How safe do you think paper documents can be? Paper documents may be stolen, torn, burnt, or damaged. If you are maintaining multiple backups, you are increasing your costs and the chances of data breaches.
However, what if you could get a single platform where you could prepare and dispatch board packs, conduct board meetings, and ensure flawless communication between your board members?
This is not just a fantasy because board management software can do everything mentioned above, and that too in a highly secure environment. Your board members can freely share documents, exchange personal messages, engage in group conversations or brainstorming sessions, conduct board meetings, and create online polls — and that too without leaving the platform, which you can easily protect and control.
Board portals are enriched with a number of security features that protect boardrooms, data, and communication between users. Common features include two-step verification, NDAs, document access control, remote device purging, dynamic watermarks, document access revocation, document shredding, version control, file tracking, scheduled document access, data encryption, multi-location data backup, and encrypted chats .
4 – Brings accountability
Virtual boardroom’s security features also include audit logs (or audit trails) — detailed audit reports of board portal software. The report includes all major and minor details about any boardroom activity, such as all documents accessed, opened, edited, shared, or downloaded. Audit reports keep track of all log-in and logout times, how much time users spent on documents, etc. This way, everybody in the boardroom is accountable for their actions.
summing it up
Board portal software is for all types of boards and organizations. Its main objectives include document digitization, productivity boost, security enhancement, and better accountability. The main features making these objectives possible include nearly instant document upload, live secure links, two-step verification, NDAs, document access control, remote device purging, dynamic watermarks, document access revocation, and audit logs. Some of the best board portals on the market include iDeals, Govenda, Nasdaq Boardvantage, Azeus Convene, iBabs, OnBoard, and Boardpac. Be sure to review and compare these solutions to choose well-suited software for your commercial organization.
Soruce : https://www.lawyer-monthly.com/2022/09/boardrooms-of-directors-of-commercial-organizations/