From Paper to Pixels: The Evolution of Boardroom Documentation

June 13, 2024

As technology progressed with time, corporate boardroom management has gone through revolutionary changes. From fully paper documentation to data warehouses in the 90s and then the introduction of cloud computing, there were many changes in approaches to managing board affairs.

As of now, corporate boards either combine paper and online documentation approach or they have gone fully digital. That has mainly happened due to unprecedented advancements in board technologies such as board portal software.

Why board portal software specifically? Why not Google Meet or Zoom, or similar meeting management solutions?

Here is a detailed guide on virtual boardroom software and why it is better than other meeting software and traditional board document management systems. comparison chart of board management software

What is virtual boardroom software?

Virtual boardroom software or board portal is a digital document repository and an advanced virtual collaboration space for corporate boards, secretaries, union leaders, CEOs, board secretaries, and similar senior-level corporate officials.

In broader terms, board software is a business solution that allows boards to share, upload, store, edit, exchange, distribute, and remotely access board data.

Additionally, board portals are useful for board communications and dealmaking as well — companies use virtual boardrooms for communications, data sharing, and negotiations during transactions like M&As, strategic partnerships, joint corporate ventures, etc.

Why are board portals a better alternative to paper documentation?

“I don’t think there is any sort of comparison between board portals and traditional documentation. Board portals are powerful tools; they are super fast and resourceful. You can categorize data with ease, and the best part is that they provide you with a fully protected place for board communication. If it isn't enough, here is more — board portals save you money," says Jesus Rivas, Marketing Strategist at https://board-room.org/. You can comparison chart of board management software and explore some of the most powerful virtual boardrooms on the platform.

Back to the topic of board portals' various benefits, here is what makes a virtual boardroom a better choice for companies.

1. Improved security for board data

Imagine a board meeting where board members or decision-makers share confidential information. Then, a hacker breaks in, steals confidential corporate information, and misuses it.

At first, this might just mean losing important information. However, in reality, it not only damages the company's reputation, but there will be severe legal and financial consequences. No matter what kind of business it is, keeping data safe is mandatory.

Virtual boardroom software offers a super safe and completely controlled place for board meetings and sharing information. The reliable board software has a strong set of modern-day security features that protect the platform from hackers and lets you control how data is shared inside and outside the company.

It is important to note that before you choose a virtual boardroom vendor, make sure they have certifications like FINRA, SOC, ISO, GDPR, HIPAA, and FISMA. Companies like iDeals, Govenda, Azeus, and Nasdaq offer some of the most secure board portals compliant with these and many other security standards.

2. Efficient corporate governance

Board portals improve board members’ efficiency by simplifying multiple processes. Here is how.

Task monitoring. Boardroom users have the ability to monitor their own tasks and ensure the same for their team members or subordinates. In case a team member is falling behind, team leaders can take timely measures to ensure seamless completion of the task.

Real-time connectivity. Board executives and other members can ensure seamless connectivity with shareholders, investors, or stakeholders. Better connectivity allows a smooth flow of information between investors and corporate management. It also helps investors and stakeholders in decision-making.

Real-time notifications. Boardroom users get immediate notifications related to any important activity in the boardroom. It can be a change in the meeting schedule or agenda or updates in an important document.

3. More streamlined meetings

Board portals not only provide premium data management tools, but they have a lot to offer for secure board interactions. Most data breaches occur when members have to switch to third-party applications during a board meeting.

Thanks to secure board portals, board members will have everything they need to conduct a successful meeting in one place. Any standard board software has built-in audio or video calling tools.

If you hire renowned boardroom vendors, you may get features like voting tools, agenda or minutes builder/templates, notes builder, task manager, and electronic signatures. Some board portals even allow you to record meetings and keep archives for later.

4. Compliance and transparency

Due to growing numbers of data breaches on a global scale, lawmakers have become rigid. Regulatory bodies require businesses and public companies to follow certain protocols related to data management.

For example, healthcare companies in the US have to comply with the data management regulations mentioned in HIPAA, which is easily manageable if you hire a HIPAA-certified board portal.

Also, boardroom software records all activities in the form of audit logs. The administration can monitor everyone in the boardroom and hold them accountable for their actions.

Final words

Board portal software is a revolutionary board management solution that has outplayed other similar tools. It provides a central platform for boardroom members to arrange meetings, engage in discussions, communicate with external parties, and share and access board materials. They are a better choice in terms of efficiency, security, ease of use, and administrative expenses.

 

 

 

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