Why Manage A Business Via Board Room Software?

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Board portal solutions will not only simplify your c-suite meetings. This software also can serve as an ideal means of enhancing your governance strategy in general. Follow this blog to learn how it works.

Make Your Meetings Smooth With Board Management Software

Board room software may seem trendy equipment that directors can use to run their online meetings from the comfort of their place. This option is also on the list but the soft vendors offer much more instruments that can become successfully intertwined with your governance strategy.

There’s a variety of organizations with different goals and different abilities. However, all of them can benefit from online boardrooms. This will be true even for those of them involved in charities, social advocacy, and other non-commercial activities. So, even these organizations need proper nonprofit board management software. How can it help and how to pick one? Find the answers below.

Virtual Boardroom: What Is It?

Board meeting software has other names but its essence remains the same. This is complex equipment used to organize and run meetings of a company’s directors. This definition may cause confusion since there are other programs and applications that may seem to be designed for the same purpose.

However, a virtual boardroom is not the same as soft like file-sharing programs, video-conferencing applications, schedules or task managers, project management tools, etc. Board portal software is unique since it may function as the above-mentioned instruments and still, it may offer more.

Key Principles of Boardroom Software

Online boardrooms offered by different vendors may have different features. You may define which of them should be available. However, no matter which components this soft has, its working principles are always the same and include the following essentials:

  1.   Ease of use
  2.   Multifunctionality
  3. A high level of adaptation to any type of business
  4.   Security
  5.   Mobile options

With these options in hand, you can significantly improve your management strategy. For instance, board meeting software can help you to save time and cost necessary for business trips, physical data room security measures, etc. This is a great solution to the problem of data protection. It can optimize the work of the c-suite in general.

Virtual Boardroom Features Any Leadership Needs

How a meeting is held via a board of directors software? Although there can be different cases with the involvement of various participants including non-members, your online boardroom will cope with all tasks thanks to its broad set of instruments. Let’s mention the most common and the most useful of them.

Schedule Planning Tools

At the preparation stage, your corporate secretary has to fix the meeting date that will suit all the c-suite members and other participants, when there are any. Board portal scheduling tools include handy calendars as well as reminders so you can expect more accurate scheduling when using these tools.

Members Management

This menu can have various names but it represents a kind of library containing profiles of the directors. important partners, and employees. Thus, you can watch their contact info and plan your meetings more effectively.

Document Management

These virtual boardroom instruments are necessary for working with documentation. Here, the more the better. A nice boardroom soft allows at least:

  •         Drag-and-drop uploads;
  •         Automatic index numbering of folders;
  •         All formats supported;
  •         Fast in-text search engines;
  •         the E-Signature option;
  •         Voting options, and more.

Document Security

When needing to share sensitive data with non-members - for instance, with a committee’s employees - you have to ensure the security of your documents. Then, you can use such board portal instruments as:

  •         Dynamic Watermarking;
  •         Redaction tools;
  •         View-only options,
  •         Offline access options, etc.

Access Management

Besides secure data centers used for storing your papers and data encryption methods used for transferring info, your virtual boardroom will have additional security options that you can manage yourself. They include the multi-level access option - you can provide non-member users with partial access to your documentation. Moreover, you can apply two-factor authentication for all users who wish to access your boardroom. Finally, you can allow secure access from mobile gadgets to your online board meetings.

Virtual Room Options

A virtual dataroom is a convenient repository where your papers can be stored and quickly found when necessary. You and other directors will use one to share important documents, consider agendas, assign tasks, and form minutes. Here, papers can be voted and signed.

Report Options

You can monitor all activities done in your board portal. This includes IP addresses from which users log in, the documents they view, download, or print. All reports can be saved in various formats.

Customization Tools

You can make your virtual boardroom unique with the help of customization tools. The look of your documents and watermarks, themes, logos - all this can be modified in compliance with your company’s design. Moreover, you can apply specific language settings, define your confidentiality agreement, and other terms of use each guest will have to accept to enter your boardroom.

Still, need more options? There’s no problem! You can consult your vendor and ask for more functionality. Chances your boardroom software can cope with any challenge you set.

How to Select Boardroom Software?

You should take seriously your choice of secure and fully adjustable to your company’s needs board portal software. The simplest way to do it is to follow these steps:

  1.   Identify your needs.
  2.   Measure your budget.
  3. Define the necessary tools according to your needs.
  4. Read numerous reviews to be able to compare different vendors’ services.
  5.   Contact the support of your targeted vendors to get more info about their services. Pay close attention to security and document management tools.
  6. Compare prices. Be sensible when searching for attractive offers.
  7. Ask for a Free Trial and give your boardroom a test. When everything suits you, purchase the software.

Instead of a summary, we would like to add that using board portals may boost your company’s growth. While running your online board meetings via secure boardroom software, you can lay down the basis of your effective company governance - today, this is a necessary condition of any business development.

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