Different board types have varying levels of accountability and responsibilities but all have to hold meetings to ensure the organization goes forward in the right direction. In that aspect, all board types can benefit from board portal software, which increases transparency, improves security, and saves money and time.
The basic way in which board portals help organizations save money is by introducing a paperless system for board meetings. Board packs often consist of hundreds of pages per pack, which can amount to thousands of sheets of paper annually.
The process of putting the packs together, i.e., printing, collating, and assembling followed by packaging, mailing, and delivery calls for significant expenses. By embracing paperless meeting environments, companies can save thousands of dollars in board pack creation and distribution expenses.
Decreasing the amount of paper used is also an important part of sustainability plans for organizations that strive to make a lasting impact that stretches beyond profit. Higher social responsibility is intrinsic to good corporate governance.
The preparation and distribution of board packs can take a lot of time. With a set of handy tools and automation solutions, board portals cut the administrative time necessary to prepare board packs by up to 90%. The steps involved in pre-meeting preparation are reduced and the process itself is contained to a single platform.
In a paper-based system, administrative staff have to print, collate, and bind board packs before sending them for cumbersome distribution. When there are last-minute changes in the agenda or board packs, staff thenhave to repeat the whole process.
Alternatively, board portal software can swiftly generate board packs and easily distribute them digitally. Less time spent on board pack creation lets corporate secretaries and executive assistants focus on more demanding and challenging tasks.
To illustrate, using the software, meeting administrators can efficiently compile agendas with all appropriate documents attached in a matter of minutes. At the same time, they can send out meeting invitations and notifications to participants in a matter of clicks.
Improving Collaboration and Discussions
Board portal software facilitates collaboration and information sharing by equipping board members with dedicated communication tools.
Board portals create a highly collaborative environment for the preparation of financial documents as well as evaluation of various proposals. During digital board meetings, participants can annotate on crucial documents and share their insight. All actions are presented in real time across the board for a fully immersive experience. Interactive voting helps board members make important decisions in a safe and compliant environment.
Non-profit organizations, with usually larger and more scattered geographically boards, will find board portals particularly useful in designing strategies that drive an organization forward.
Paper-based systems are inefficient in terms of security. Sensitive information can be inadvertently disclosed during delivery or after board meetings.
By containing board activities to one single platform, board portals give directors a controlled environment for secure and collaborative board meeting experience.
Reputable board portals approach security with a multi-layer strategy. For example, this entails employing a variety of solutions designed to prevent unauthorized third parties from obtaining and accessing crucial documents.
Permission-based access right control, strict authentication procedures, encryption, user verification, and auto-purge in case of stolen or lost devices are the absolute minimum safeguards.
Board portal software helps organizations maintain transparency by providing a centralized and secure platform for critical documents. With proper authorization,board members can access and review all important corporate documentation at any one time.
Transparency is one of the fundamentals for non-profit and public organizations. In fact, government regulations require full disclosure of financial information from these organizations.
While private boards don’t see the same level of scrutiny, the public sector holds boards to a high degree of accountability and compliance requirements. Detailed activity logs that include any changes introduced into the documents or decisions established during board meetings are therefore crucial to ensure high-level transparency. Version control implemented into document management helps keep readily accessible records available for internal and external audits.
When the actions of the board can be tracked, the culture of transparent business leadership thrives. Having systems in place that facilitate transparency is one of the pillars of corporate governance.
Board Portals Automate Processes and Promote Good Governance
Board portals equip companies and organizations of all sizes with digital tools that facilitate document preparation and distribution. By providing a secure environment for board meetings, board portals increase transparency and compliance. At the same time, using a board portal increases productivity through automation of multiple administrative tasks.
Interested in how else a board portal software like Convene can help you? We work with all kinds of boards from various industries in over 100 countries. Read more about Convene here or request for a free trial to see firsthand what we can do for you.
For more discussion on the benefits of board portal software, read our guide here.