Corporate governance, for any organization, is a cornerstone. It shapes all the practices, policies and procedures that will decide the fate of this company. Good corporate governance means that the company’s senior managers (or the board of directors) effectively carry out their main responsibilities, including risk management, clear allocation of responsibilities and complete control of activities. .
Where the board is supposed to guide the company, it should be fully equipped with all possible tools that can help it run things smoothly. This is why digital platforms, such as board management software, are becoming increasingly popular in all types of businesses, including large corporations.
So what is advice management software? Why are businesses turning to consulting portal software? Let’s find the answers.
What is Consulting Portal Software?
The Board Portal or Board Portal is a secure, cloud-based digital platform where board members and administrators can communicate and collaborate digitally. It is more like a centralized digital library where board members can store, share, access, exchange, review, or edit board documents.
It is important to note that a virtual meeting room serves not only as a digital library, but also as a highly secure data repository. The board may keep all board documents, including board meeting minutes, financial records, agendas, etc., in virtual meeting rooms.
Important Boardroom Software Features
Virtual Meeting Room features may vary by provider. However, here are some important features of any enterprise level conference room software.
Data repository. Any virtual conference room is essentially a data repository where organizations can securely store corporate documents.
Responsible for virtual board meetings. This tool helps plan board meetings with additional features such as attaching documents, tracking attendance, adding details, linking calendars and initiating remote meetings.
Meeting program. Board portal software automates the process of creating, distributing, and archiving meeting agendas. The board secretary can use standard meeting agenda templates or create everything from scratch.
Dashboard. The virtual meeting room dashboard displays multiple options including valuable files, calendars, internal and external links, etc. on the “home page”.
Minutes of meetings. This feature helps in compiling, approving, distributing and storing meeting minutes.
Task management. The task management feature allows creating, assigning and tracking actions for groups or individual tasks.
Other important features of the virtual meeting room include annotations, digital signatures, notifications, remote purge, voting and approvals, reports, different search options, etc.
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Why are virtual conference rooms beneficial for businesses?
Board portals are primarily designed to help board members effectively discharge their corporate governance responsibilities. Here’s how chart management software can help.
Storing confidential business documents is an essential part of board management. Board members are in possession of the company’s most valuable and highly confidential documents for which they are accountable to stakeholders, investors and the general public.
A virtual boardroom ensures that board documents are safe from any external or internal threats. For example, only an authorized board user can access the board portal software. Two-factor authentication ensures that there is no unauthorized entry into the meeting room.
Likewise, if a council member loses a device containing council material, the administrator can simply erase all data to prevent data leaks.
One of the best things about board management software is its remote accessibility. In order to perform their duties, board members generally need constant access to board documents such as board meeting minutes, financial records, the board book, board meeting agendas, advice, etc.
Imagine how time-consuming and risky it would be if board members asked the administration to share board documents via email? Rather, once administrators upload a document to the virtual conference room, any board member with the appropriate permission can access the file remotely when needed.
Additionally, board members can also access meeting rooms through mobile apps. This means that all they need is a remote device and an internet connection to access the council portal from anywhere, anytime.
Seamless communication and collaboration
It is simply impossible to ensure good governance without collaboration among board members. Collaboration among board members should not be limited to board meetings or other similar events. They need to communicate regularly, which is why board portals are very effective in ensuring seamless collaboration among board members.
Using virtual boardrooms, board members can share the latest updates on company business, initiate discussions, hold brainstorming sessions, and hold mini-board meetings. Board portal software allows board members to chat privately and start group chats.
Virtual Boards of Directors
Board management software is a great platform for holding important board meetings virtually, such as the Annual General Meeting (AGM). Board members can join the meeting via audio or video conferencing tools. A council member can make a motion and the other members can vote to approve or reject the proposal. Likewise, agendas and minutes of board meetings can be instantly prepared and distributed to all board members.
Typically, the board secretary prepares the meeting agenda, shares it with board members, receives their suggestions, reprints the revised agenda, and then redistributes it to all board members. This process is not only long but also expensive.
Virtual meeting rooms are a cost-effective option in a number of ways. For example, they can help councils organize flipchart meetings, saving printing, paper and distribution costs.
Additionally, virtual board meetings allow the organization to avoid the travel costs of its board members, which can be huge if the directors of the company reside in different cities or states.
Virtual board portals have become a preferable option for small businesses as well as large corporations. These centralized platforms help board members collaborate in a highly secure environment where they can share opinions, discuss company business, instantly access board documents, hold virtual board meetings, and more. In short, board management software contributes to effective corporate governance.