Do you know what board portals are and which opportunities they open you? This is specialized software for managing boards of directors, committees, boards of auditors, and high-level meetings. Just imagine: you no longer need to rent a room and hold paper meetings — all this is done in a virtual space. It is the most complete and exciting solution to support General Counsel and Corporate Affairs Managers in managing conferences and management processes. A paperless meeting solution saves you time and your company’s financial reserves.
What Problems Does Board Software Solve?
Every company desires to develop and optimize what is already available. In addition, applicable company rules and articles of association to ensure the legal integrity of the board must hold meetings of such significance. Often, people choose to delay choices that change the status quo. There is nothing strange about this, but it is in this respect that we can distinguish two types of companies:
- Those that are not afraid of change and instead want to use it to improve.
- Those that instead react very sluggishly and wait, at the risk of becoming less competitive.
In addition to the operational part related to the organization of the meeting, it is helpful to have an archive of already held meetings, documents, and votes. Board members must have permanent and secure access to information. Below, you can see the benefits virtual boardroom software provides:
- Governance — plays a central supporting role in information sharing, decision making, and risk management.
- Data library — document centralization allows you to access important information quickly.
- Integration with other tools — integration with Microsoft 365, Teams, or Google Workspace allows you to integrate your calendar and tasks fully.
- Security — The security of your documents is a priority for board software developers.
- Availability — hold meetings of the boards of directors regardless of the location of participants.
Does it make sense to use paper to organize a board of directors? Can we figure out the best process to retype all the documents that need to be shared during the meeting for the hundredth time? It takes a lot of time and additional costs, right? The Board portal is specifically designed to solve these problems simply and effectively. It’s a single platform accessible from any device for agenda and shared document viewing, and it is easily upgradable.
How to Organize a Board of Directors Meeting in the Virtual Space?
The service provides you with a single portal to manage your meetings. Here, you can create agendas, choose who to invite, insert attachments, and other digital documents. You then need to convene the directors via email and certified email and manage the board of directors. Finally, you prepare Board minutes using automated procedures. The virtual board software is customizable to your company’s needs with access anytime. The following is an example of a step-by-step process for preparing for an effective meeting using the portal:
- Enter necessary details, such as company name, appointment name, date, and time.
- Select and enter the names of participants — groups or individuals.
- Create a plan with an unlimited number of items and sub-items at multiple levels.
- Create a draft of the meeting, which will be approved at the next meeting.
- Manage invitations sent via email, SMS, or certified email from the portal.
- Publish a meeting — you can do this at any time by setting the date and time of the online board meeting.
You no longer need to print, photocopy, or email agendas and documentation. As a result, you get rid of paper and optimize the time and cost of preparing every meeting. Documents are distributed digitally and individually for every participant. Directors see documents with their first and last names and know if they are more or less confidential thanks to customizable watermarks. Even protocols can be dematerialized thanks to digital signatures and electronic archiving features inboard portal software.
Under the Line
Multiple companies can use the same product with multiple language support. For example, you can prepare meetings for all team members using the same platform: log in with your credentials and update only parts of your competencies according to your role. In addition, board management software ensures information security, the data is encrypted, and the operations performed are stored in the system.
During a virtual board meeting, different types of files can be used. You can embed a watermark or digital signature for every PDF document to personalize it. In addition, all meeting participants can participate in voting and leave their notes or comments. This streamlines the boarding process and makes these meetings more efficient. Accordingly, such optimization has a positive effect on business development. You have time that you can use to gain a competitive advantage over other companies.