Constant improvement is an essential part of every business organization. Whether it is marketing policies, human resource management, process automation, or management practices, businesses strive hard to do better and better. That’s why organizations use business software to improve organizational workflows and boost productivity.
The virtual board software is a strong link in the chain of process automation. Board portal software has revolutionized board document management and streamlined complex and time-consuming processes in the corporate sector.
But, how does a board portal improve your business management? How can your business benefit from a virtual boardroom? Boardroomsoft’s guide has the answers to your queries. Let’s start with the basics of — the definition of a virtual board portal.
What is board management software?
Board management software is a virtual or digital platform specifically designed to ensure seamless collaboration and flawless communication between organizations’ senior management, such as the board of directors, CFOs, CEOs, presidents, corporate secretaries, and board chairperson.
Whether it is an online board meeting, preparation of board book, meeting agendas and minutes, task assignment, brainstorming sessions, or dealing with external parties, a virtual boardroom can help with everything mentioned above.
Here is how a board portal improves your business management.
How does a virtual boardroom improve business management?
1. Better collaboration
Senior management holds the key to success in any organization. A highly skilled, result-oriented, experienced, and adequately equipped leadership leads an organization to success. One of the biggest problems faced by the administration is ineffective or insufficient communication between the management personnel.
Virtual board software makes communication simpler and easier in every aspect. For example, boardroom members can communicate privately within the boardroom rather than insecure channels like emails and online messaging apps. They can share documents, files, images, audio notes, etc., in private chat boxes.
Group discussions, surveys, and polls
Moreover, if the board members want to share their opinions or discuss regular business affairs, they can start group discussions and live brainstorming sessions. Similarly, if the management wants suggestions from board members, they can conduct online surveys or start a Q&A session. Boardroom members and administrators can create polls to get members’ opinions.
2. Board document management
Another common issue that board members or senior company officials often face is limited or delayed access to board material. Board material comprises important documents, including past meeting minutes, agendas, audit reports, financial statements, strategic plans, and board books.
Board material is vital for board members to work on the tasks assigned to them and to perform their governance duties. This is where virtual boardrooms make the real difference. Here is how.
Centralized data storage
The management can store each and every document, file, or any other form of board material in the online boardroom. A central data storage system makes it easier for the users to access their desired documents from one place.
Better data organization
Can you imagine how frustrated you would be if you had to find a file from hundreds of unorganized documents? This can also happen to board members when the management fails to keep the documents in the right order.
Board management software not only allows board administration to organize board documents in the correct order but locating a specific file is super easy. Rather than opening a folder and subfolders, a board member can simply search a file/folder by its name, file type or size, or a keyword.
What’s more, the “full-text search” feature allows the boardroom users to find a file by searching it with a phrase or a sentence in that document.
3. Streamlined online board meetings
Arranging board meetings was indeed one of the toughest jobs for an organization’s management. That’s because finding the right time & date for board meetings while respecting board members’ schedules is not an easy task. In addition to that, board meeting preparations can be overwhelming for the organizers.
However, board software has just revolutionized the board meetings process. Here is how.
Do you know that virtual boardrooms have detailed and highly useful board meeting agenda templates? Nowadays, board secretaries can develop meeting agendas by just putting the details in built-in templates. After creating the agenda, it can be shared with all meeting participants, and recommendations can be requested.
Online board meeting tools
Modern virtual boardrooms can accommodate up to 100 or even more users in audio and video conferencing. Videoconferencing is the most preferred option for online board meetings because it almost gives a physical meeting experience.
Moreover, board members can share documents during the meeting, answer polls, start motions, sign documents, and cast online votes.
Meeting minutes creation and distribution
Just like meeting agendas, board secretaries can use templates to create meeting minutes, get approval from the meeting chair or president and share it with all the participants.
Process automation and streamlined board document management help organizational leadership in fulfilling their responsibilities timely and efficiently. Virtual boardrooms make document management, data sharing, and online board meetings more organized and effective.