Impactful or major business decisions are always made at the highest level of the corporate hierarchy.
Whether it is the acquisition of new capital or fixed assets, fundraising, initial public offerings, mergers or acquisitions, strategic business partnerships, joint ventures, etc., the involvement of the company board and senior management is mandatory.
These types of projects are always backed by planning, intense brainstorming, and negotiations, which can be overwhelming for company boards. Apart from that, effective corporate governance is the key to organizational success. That is why organizations use board portal software to simplify and automate things for board members.
Here is how the board of directors software contributes to business development and growth.
Virtual boardroom software is a cloud-based platform that is specifically developed for senior organization management, such as the board of directors, CEOs, board secretaries, chairperson, president, CFOs, investors, and major stakeholders.
Board members primarily use the virtual boardroom as a secure data repository where they can store board material and other corporate documents necessary for corporate governance. A board portal streamlines board document management; here is how:
- Centralized document storage. Board portals are centralized data storage platforms. That means board members can store all important files and documents in one place and access it anytime, from anywhere.
- Data organization. Files, documents, images, videos, and presentations can be stored in folders/subfolders in desired structure.
- Easy data retrieval. Board members can easily access the boardroom and search a file via keywords, name, or by entering a phrase from the document.
- Safe data sharing. Boardroom users can share, edit, save, download, and print documents from the board portal. They can add/leave notes or annotations and work collectively on shared documents.
- Board material preparation. The board software has built-in, customizable templates for building meeting agendas and minutes. The board secretary can prepare and distribute the agenda or meeting minutes between meeting participants. Apart from that, board members can create board books and link them with agendas, minutes, and other important board documents.
Virtual boardrooms are equipped with the latest communication tools that facilitate maximum information sharing and collaboration between board members.
For instance, they can collectively analyze financial statements, work on different business proposals, or evaluate marketing strategies developed by the marketing department. Similarly, board members can share their opinions or insights by adding notes or annotations to the documents. Most importantly, everything happens in real-time.
Moreover, board portals have great online meeting tools; boards can arrange audio/video conferences without additional meeting software. Members can start/raise motions, resolutions, or polls and cast votes to pass or reject a motion. The best thing is, they can do it remotely, from anywhere in the world.
Board administration assigns tasks and projects to board members for which they may have to collaborate with the company’s employees or even external bodies. Virtual boardrooms allow board members to create temporary teams, assign tasks, and manage project teams.
Team members/leaders can give and take presentations, conduct live Q&A sessions or video meetings, create polls, monitor project updates, and whatnot.
In addition to that, boards can execute managerial-level transactions through board portals. For instance, in case of a merger, the board can add investors, stakeholders, legal and financial advisors, project management teams, and concerned personnel from the other company.
Apart from that, the board can temporarily upload every document required for due diligence, arrange online meetings with project teams and CEOs & directors of the merging company, share documents, start real-time discussions, and whatnot. In fact, virtual boardrooms even allow the board members to sign contracts or agreements within the boardroom using the electronic signature feature.
Document security and control are two very important benefits of virtual boardrooms. Board administration can restrict any board user from accessing, editing, downloading, or printing a document or its part.
In fact, board management can even limit a user from accessing a folder or file for a specific time period. Moreover, boardroom software allows the users or administration to revoke document access anytime or restrict a user from taking a photo or screenshot of any file or document.
These features can be very effective when dealing with external parties. For example, in the example during the merger, boardroom administration can decide how much access should be given to external parties and company officials.
Board management software keeps everything transparent. Any board member can generate detailed audit reports. These reports show every minute detail about all the activities that happened or happening in the boardroom.
Audit logs are very handy for board administration as they can keep an eye on all board members and their activities. This ultimately helps identify unproductive board members and “Blacksheep.”
Most importantly, audit logs build an environment of trust during external transactions. For instance, if the board is dealing with external bodies for any reason, audit reports can be generated and used to keep everything fair.
Last but not least, virtual boardroom software reduces administrative costs significantly. For starters, a company won’t have to spend money on paper and printing expenses (which can drain the financial resources of any organization). Apart from that, board portals minimize other administrative costs like board meeting expenses and traveling costs of board members.
An organization’s leadership plays an integral role in its success and growth. A competent and experienced senior management can steer the business in the right direction. Virtual boardrooms are making it possible for boards to fulfill their responsibilities and ensure effective corporate governance.
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