The speed of communication has increased rapidly due to changes in technology. This has raised expectations for boards of directors to conduct business in the most appropriate, effective and efficient way possible. Board members can prepare themselves for meetings by relying on printed board packs, but cloud technology gives them access to additional documents and other relevant information and comments before the commencement of their meetings. Members can now be better prepared with access to up-to-the-minute information.
Boards of directors are required to keep up to date with information, and board portal software allows for easy access to information at their fingertips. It effectively streamlines administrative work and enables board members to find information quickly.
Here are some of the significant advantages that board portal software has to offer:
Quick access to important board information
Board portal software allows board members to access all the necessary information they need to prepare for meetings and to make decisions. Traditional board packs are limiting because they only provide printed information about the latest or current meeting. In contrast, board portal software allows board members to have secure, remote access to a variety of essential documents. They can use board portal software to search through past meeting minutes, strategic plans, policies, audit reports, risk reports and induction manuals quickly, instead of requesting additional documents from administrative staff. It further allows the director to annotate the board papers and save it for access at any time.
Streamlined board administration
Valuable time is lost with printing, assembling, and sending board papers via courier. Board portal software reduces meeting compilation time from days to hours because the compilation and publication of the board packs occur securely, quickly and easily within the software. The software allows for late additions and last-minute changes to be made. Once the board packs are published, directors can access the information online and offline from any device.
Increased board member engagement outside of the boardroom
Board member collaboration has moved beyond the boardroom, and board portal software provides an efficient and secure way for board members to collaborate and engage outside of meetings. The software allows board members to review documents, provide feedback, and participate in polls and surveys. They can annotate – including text notes, strikeout, and highlight – and share these annotations with other board members ahead of meetings.
Controlled access to information
Board portal software has specific features that allow board administrators to set workroom-level permissions for authorised users. It is user-friendly and will enable administrators to add or remove users, edit profiles, and recover forgotten passwords. Permissions can also be set at document level, allowing administrators to share documents with specific users.
Reduced board administration costs
As I mentioned earlier in the blog, organisations typically spend valuable resources on printing, assembling, and sending board papers ahead of meetings. Board portal software reduces costs significantly and speeds up the distribution process because it shares information quickly and securely through cloud services. Organisations that are currently using board portal software experience a significant return on investment. Additionally, goodwill is created among stakeholders, as board portal software improves corporate governance.
Looking at the benefits that we discussed today, it is obvious why organisations are increasingly adopting board portal software as the board governance medium of choice.