No one would dispute the fact that digital technology has greatly simplified our everyday lives. It has become just as important to the business world. Technology has not only made the management process more open and efficient, but at the same time it has created new challenges for management structures. One of these important challenges has been the use of software to organise the work of the board of directors. What are the benefits and what are the risks associated with using such platforms, we tell you next.
Benefits of using Board Portal software
Today the market for digital technologies offers a wide range of software for organizing corporate governance. Among them is the Board Portal. This platform offers many turnkey solutions for companies of all sizes.
Compared to other similar web-based products, Board Portal has many advantages. The main advantages of using board portal software are:
- Streamlined board management. Using the tools offered by the web-based platform, you can significantly reduce the time and cost involved in preparing and running board meetings. All necessary materials are uploaded to the digital cloud, allowing for quick access when needed.
- Platform acceleration. Integration with enterprise systems speeds up the latter, reducing the time required to complete key transactions and keeping all business records up to date with current digital security parameters.
- User control during online meetings. In order to be able to view and use documents during board meetings, multi-step authentication is required. Not only does it help protect documents from possible leakage or unauthorised use, but it also keeps a history of all users’ actions. If any document is lost or damaged, it is always possible to find out who has done what with it.
- Increase the direct involvement of board members in the work of the board. It is not always feasible to bring all executive team members together to solve important issues in the life of the company. The Board Portal provides a quorum for board meetings without the need for a board member to be physically present in the office.
- Ensure a high level of security. Cybersecurity is a key benefit of Board Portal. Software tools help track logged user activity, detecting access from intruders or other sensitive document leakage issues within seconds.
- More options for corporate document storage. Because the Board Portal integrates with cloud services, it provides ample scope for storing large volumes of information. You no longer need to use different servers or other types of document storage. It is enough to have one common space where the information needed by the board of directors or other business units can be stored.
Additionally, the popular Board Portal products are capable of working across multiple user devices and sync perfectly with your corporate workflow systems. The easy-to-use and intuitive functionality requires no special knowledge or skills – just refer to the instructions provided by the providers. There is also no need to worry about updating the software – practically all systems do it in an autonomous mode without reminders and involvement of the third parties.