Constant improvement and learning should be a characteristic of every board member. Among a few other key performance indicators, the ability to lead and staying relevant are two vital KPIs to evaluate board members’ performance.
What many organizations fail to understand is that corporate culture has changed significantly, and if a company expects its board to work efficiently, it must equip the board with the biggest modern-day assets — technology and data.
When it comes to board technologies, board software stands at the top. It won’t be wrong to say that board portal software has not just improved the board’s culture; it has completely revamped it. Here is more about virtual boardroom software and how it can improve your board’s performance.
What is Board Management Software?
In simple terms, board management or board of directors software is a cloud-based, digital platform globally used for board document management, board communications, decision making, and addressing other important affairs of the corporate boards.
- Virtual boardrooms are multi-functional online platforms where boards or senior management in a company or organization can manage their documents, such as board packs, financial statements, meeting minutes, and other board-related materials.
- The board software has built-in communication features to facilitate one-to-one and group communication. These communication tools are not only effective for internal communication, but boardroom software is a great platform for external communication as well. That is why corporate boards use this technology for online dealmaking and project management.
How can Board Software Improve Board’s Performance?
1. Better Decision Making
Knowledge is power, and it couldn’t be truer in the current era. Decision-making is a regular element in corporate boards, and board members are expected to make tough yet fruitful decisions for the company.
However, without accurate and processed data, effective decision-making is not possible. Board members need data to decide the company’s future strategies.
The biggest hurdle board members face their inability to access board data whenever needed. Virtual boardroom software makes sure that not only do board members have 24/7 access to board documents, but they can stay in touch with fellow board members or their team members. The best part is that board software is remotely accessible from anywhere.
Easy access to data and regular communication improves the quality of decision-making.
2. Improved Board Document Management
As mentioned in the previous section, quick access to board data is vital for better decision-making. However, having all board data in one place is not enough. That said, central data storage is not enough for board documents, as board document management is equally important.
Virtual boardroom software helps boards manage their documents and board packs with ease. All documents can be classified into different categories to be easily retrieved. Board portals allow you to make folders to store documents, add search tags, or use the full-text search feature to find any document immediately.
Similarly, board portals make data sharing easier and faster. Board members don’t have to rely on emails; they can send hundreds of documents to multiple members simultaneously. Board members can make real-time changes in documents, schedule document sharing at future dates, annotate documents, work on shared documents, and add live links to board packs or other files.
A streamlined document management system saves time and effort.
3. Better Accountability
Accountability is arguably the biggest driving factor for better corporate governance. If a company’s board members know they are being monitored or watched constantly, it will naturally push them to do better and achieve their targets.
A virtual boardroom provides a perfect platform to monitor your board members’ activities. Thanks to audit logs and reporting features of board portal software, every single activity of your board members can be tracked.
For example, how often they log into the board room, how often they communicate with their team members, which documents they mostly use or view, how much time they spend in the boardroom, or how quickly they respond to queries from other board members or their subordinates.
4. Streamlined Board Meetings
In the past, board meetings were held once, twice, or thrice a year. That culture is gone now, as board members prefer meeting regularly, and the best way to do it is to arrange virtual/online meetings.
However, finding a secure and diverse online meeting management solution is challenging for the management. Board management software offers everything you need to conduct an effective board meeting.
Here are some notable meeting management features in board portals:
- An agenda builder simplifies the agenda-building process, and some boardrooms even provide free customizable templates to prepare meeting agendas.
- Online voting tools allow the members to share their opinions or vote anonymously.
- Presenter mode feature, which can be used to give presentations during meetings.
- HD audio/video calling tools that can be used for arranging live calls and conferences.
- Meeting minutes builder that helps in recording, finalizing, and sharing meeting minutes with meeting participants.
- Electronic signatures help sign documents, contracts, or agreements electronically.
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Technology has reshaped almost every practice in the corporate sector, and board software is a perfect example of that. Virtual boardrooms improve the board’s performance by streamlining board meetings, improving safe board communications, and streamlining board document management for better decision-making.