Since the early months of 2020, companies have needed to adapt to COVID-19 restrictions, ensuring the safety of team members. Organizations have had to find new ways of conducting imperative practices, including team and board meetings. As such, many companies have turned to virtual board software as a solution.
Within this article, we’ll be looking at how your startup can use a https://boardsoftware.net/paperless-board-meetings/ to improve business practices, scale your organization, and increase efficiency and productivity.
Board portal software: Key features
As technologies improve and companies look for new ways to digitize their business practices, they require a virtual boardroom that is as versatile as it is efficient. Now, this type of software is becoming an indispensable part of the modern working environment. However, companies have come to expect certain things from their board management software.
These types of platforms offer virtual collaboration solutions so board members and employees can communicate on key issues no matter where they are in the world or if they are online or offline. As such, a top-quality board portal can make the decision-making process (that is crucial to the stability of a company) much more efficient. Essentially, if a company wants to remain competitive, they need a board portal that meets different criteria and benefits all facets of business life.
A good board portal should offer the following key features:
- Automated pre-meeting activities and protocols
- Built-in discussion and emailing capabilities among the team
- Online and offline functionality
- Agenda and minutes records and support
- Support of numerous data file types and links
- Decision-making tools and voting features
- Templates for agendas and meetings
- Automated memos, minutes, and other file sharing features
- Online, cloud-based storage
- Simplified and intuitive dashboards
- Push notifications and alerts for new votes and important messages
- Admin control over permissions and user access
What advantages does a virtual boardroom offer?
A virtual board portal offers numerous benefits to startups in any market. These include the following.
Portability and versatility
A virtual boardroom means team members do not need to be tethered to the office to make key decisions. They can use a virtual boardroom on any supported device, provided they have a clear connection to the web. However, many board portals have offline support as well. Users can rely on their board portal to engage with company processes anytime and anywhere.
Reduced costs
A virtual board portal is a considerable investment. However, increased use of this type of software means companies will spend less time in the office and commit fewer funds to resources and materials. Making the switch to a paperless, digital platform ensures your business spends less money, while improving its practices at the same time. As such, organizations can dedicate more money to things that will scale the business further.
Data safety and security
One of the big selling points of boardroom software is the additional security provided by digital business practices. Companies don’t need to worry about team members misplacing sensitive documents. In addition, admins can assign specific roles and permissions so only necessary people can view certain files.
Virtual board portals allow executives to make effective business decisions with peace of mind, efficiency, and assurance. However, this productivity would mean nothing without additional security protocols. A company needs to protect certain information and ensure the switch to digital benefits the organization in every aspect.
Let’s look at some of those security features in greater detail.
- No more emails. While emails may seem like the most efficient way to reach directors and other members of the team, they are far from secure. Personnel can easily be duped by scam emails and risk losing sensitive information. When a company communicates through its board portal, it can pick up on phishing attempts with ease.
- Reduced human error. One of the biggest advantages of boardroom software is increased automation. Time-consuming practices now only take a few minutes. Sometimes, they can be done with a single click. This automation ensures there is less chance of any human errors.
When the secretary team has to manually prepare board packs, they can easily make a mistake. A boardroom can compile those board packs with clear and accurate information to help the board make decisions. - Any mistakes can be easily rectified. If any mistakes do slip through the net, a board portal lets you change things retroactively, and even lets you know who needs to be informed of those mistakes — admin can see which people received the false document, board pack, etc. Admin can also see who sees that information and the board portal will issue a notification and reminder if that team member does not open the message straight away.
Bottom line
As you can see, board portals have many advantages, key features, and security perks that can improve business practices and the development of your startup. While the initial investment may seem like a lot (especially to new businesses), the benefits greatly outweigh the financial commitment.
