As companies switch from paper-based forms to digital solutions, board management software has become increasingly popular for meeting management. In fact, the board portal market is projected to soar to an impressive $2.9 billion by 2026. Thus, the digital transformation of virtual boardroom collaboration is underway.
In the article, we explain how virtual board software can simplify and modernize your meetings.
Benefits of Virtual Board Meeting
Scheduling conflicts, paper overload, and communication barriers often hinder traditional meetings, causing delays and inefficiency. Instead, an online board meeting solution offers flexibility and instantaneous collaboration.
A board portal is a secure, online platform for board members and management to organize meetings and access information before, during, and after meetings. There is how the board portal increases the productivity of board meetings:
- Assists committee members in arriving at meetings prepared
- Increases strategic thinking and planning
- Fully leverages the expertise of board directors
- Provides participants with secure solutions
- Boosts the efficiency and engagement of the board members
- Keeps board materials private and safe
- Eliminates the risk of cybercrimes
Being a paperless meeting solution, the board portal not only benefits the environment but also streamlines information sharing. There are additional features of the board portal solution.
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How to Transform Meetings With Board Portal Software
Companies rely on board meetings to set business direction. Thus, a board portal is necessary to link members and provide safe access to documents.
“Thanks to the board portal, we can now transfer essential papers to the cloud directly from our PC. I always have access to the most recent file via board paper software, no matter where I work,” says Archer Smith – CEO, and director with experience in research and development.
Among the typical functions, the following features of board portals stand out the most:
- Creation of tasks in connection with meetings
- Creation and export of meeting minutes
- Secure communication
- Document reading progress
- Search and navigation through documents and meetings
- Setting up customizable meeting notifications
- Supporting different formats
- Granular permissions
- Secure fence view
What Companies Need A Board Portal?
In the fast-paced and digitally connected business landscape, the adoption of a board portal is becoming an essential investment for companies in any industry.
Virtual boardrooms are beneficial across different sectors, such as government, pharma, finances, etc.
According to the Statista study, the revenue of the global cybersecurity market has grown from $83 billion in 2016 to $147 billion in 2022. Fundamentally, the report shows the importance of investing in data security. In turn, the board portal for financial services provides stricter controls and minimizes the repercussions of breaches.
The infographic shows other industries that utilize board portals:
6 Reasons To Adopt Board Portal
In the digital age, efficient workflows are key. Technology can streamline corporate processes, save time and resources, improve data security, and enhance corporate governance. Adopting a board portal solution can provide six benefits.
- Resource savings
Transitioning to a paperless board saves both environmental resources and financial costs, cutting down on logistical expenses, and freeing up staff time for tasks that generate greater organizational impact.
- Convenience for board members
Board members benefit from the “anytime, anywhere” online access of board portals, allowing for flexible access to real-time information and eliminating traditional hassles.
- Mitigation of security risks
Implementing board portals reduces exposure to cyber threats through features like data encryption and granular security controls, providing proactive protection of sensitive information.
- Better compliance with regulations
With traceable, archived, and version-controlled document trails, board portals facilitate internal audits and help to identify and rectify compliance gaps, reducing legal risks.
- Increased efficiency for board-related tasks
In-app messaging, file sharing, and personal dashboards are available in one central location to streamline tasks and enhance board engagement.
- Enhanced corporate governance
The cumulative effect of these benefits leads to a more informed, engaged, and collaborative board, focusing on strategic planning and creative thought leadership, ultimately impacting organizational success.
Best Practices When Choosing A Board Portal
Before investing in new technology, consider your board’s true needs versus desirable features. This ensures wise spending. When narrowing down options, ensure your board portal has the necessary tools for cooperation and governance. There is a step-by-step guide with factors you should consider when choosing a virtual boardroom.
- Security. Ensure that the portal offers top-tier security features, such as compliance with security protocols and certificates, encryption, and multi-factor authentication to reliably protect sensitive data.
- Usability. Choose a simple interface and customization options for smooth communication and document management.
- Integration. Check the portal’s ability to easily connect with your corporate tools and platforms, such as Zoom, Slack, Asana, MS Office, etc.
- Cost. Evaluate the pricing against the features offered to ensure value for money.
- Customer support. Look for robust support options, such as live chat and 24/7 support for resolving issues and receiving necessary guidance.
- Compliance. Ensure that the provider of board portals adheres to relevant laws and governance policies in your jurisdiction.
Key Takeaways
- Board portal software is central to the digital shift in board meeting management, with the market predicted to reach $2.9 billion by 2026
- Virtual board meetings through portals improve preparedness, efficiency, and security.
- Board portals have a range of features, from task management to advanced security, and are utilized across various industries.
- When selecting a board portal provider, consider security, usability, integration capabilities, cost, support, and legal compliance.
