At this point, no third-party collaborative tool can match the single offer of a good and stable board portal. This has become a 21st century trend in most major companies and small ones. Not surprisingly, because it is the easiest way to coordinate the movements of all participants in the management process: from rank-and-file managers and administrators, to the board of directors.
The History of Boardrooms Development
The Internet was fast becoming widespread in the late 1990s. People were purchasing computers, signing up for ISPs, and getting online to see what the World Wide Web had to offer. Even though the technology was restricted at the time, forward-thinking directors were considering ways to use the Internet to automate the board meeting process. Many more millennia would pass before a virtual boardroom, both the name and the technology, was formally available on the market.
The advancement of new technologies, as well as the emergence of corporate scandals, have raised the need for a more efficient board meeting procedure that is not only easy but also compliant. BoardVantage was one of the initial service providers in 2002. Along with other firms providing comparable services, the company obtained venture capital.
However, the electronic book industry remains a limited one. It was only available to senior executives, and its utility was limited to viewing meeting papers on large computers. There was not much you could do with it.
The true game changer, though, was the debut of the iPad in 2010. Board members might utilize these portable tablets instead of heavy computers during board sessions. For the first time, board members were genuinely mobile, allowing them to collaborate with one another from anywhere. With the multi-touch functionality, users could write and draw directly on the iPad as if it were paper, breaking down even more boundaries.
These features opened the door for new features that improved board member communication. Finally, the technology required for remote board meetings was already available, as vendors rapidly discovered.
Why Is the Board Portal Exceptional in This Regard?
The pandemic established this trend, but it continued outside of quarantine. It showed enough strengths to be summed up in this list.
Advantage even during the Establishment of the Meeting
Using third-party software is time-consuming and tiresome. First, you gather all of the files into one pile, manually organize them, upload them to the server, and only then can you distribute them before the meeting. It is much easier using virtual board software. You just drag a file into an existing template. You may:
- quickly update the document bundle;
- simply select the relevant option to change the full announcement package;
- use the Board Portal to automate the agenda when producing a document package.
This reduces the time spent sorting and arranging the packet files. You may also establish a time restriction for each agenda item, which will help to keep the meeting on track. In terms of alerts, they are also present here. This relieves the board’s administrative staff of another time-consuming chore.
Benefits during the Meetings Themselves Directly
The key benefit of a Board Portal is its ability to create an online board meeting. As if it were paper, you may take notes immediately on the page of any meeting document. Additionally, these notes can be personal or shared, ensuring that your sessions are lively and effective. A full meeting solution, some Board Portals even include voting and e-signing options. In a Board Portal:
- attendance is tracked automatically;
- each meeting’s minutes include information on attendance, which is also trackable through audit reports;
- there is no longer need to manually take attendance during meetings, which simplifies the procedure.
Because time is money, you should make the most of your meeting time.
Benefits after the Meeting Was Over
A board management software also includes project management tools that aid in the post-meeting process. Secure board documents can be kept in the Document Library. This guarantees that any information obtained from the Board is immediately available for audits. This also implies that any new Board Members or CEOs will have access to historical Board documents.
Why are These Kinds of Collaborative Applications Mandatory?
Collaboration apps are extremely useful for many reasons. The very idea behind Board portal software is great, because these kinds of applications are simply combined into one convenient tool that has enhanced security.
Speaking of security, advanced researchers assure us that the level of encryption in almost any of the popular boardroom solutions reaches the level of military encryption or top financial institutions like the central bank. As you might expect, hackers have no chance unless you give them your password and a way to perform two-factor authentication.
This is currently the only kind of application that offers a complete paperless meeting solution. As the researchers say, it takes your business to the next level, allowing you to break through that growth ceiling that you are probably stumbling into at this point.