Effective board document management is one of the key responsibilities of higher management. Board members must be able to access board data to perform their duties. Organizations employ digital data sharing routes, but they come with security risks. This is where board portal software comes into the picture.
Board portal tools are now a vital part of how companies are managed. They change how board members handle their work by making it easier to complete tasks and helping teams work well together. These platforms also give a safe and effective way for boards to stay organized and complete their duties.
The success of the board of directors portal is evident from its rapid global market growth. Experts believe that it will grow to $34 billion by 2036. This increase is likely to happen at a yearly growth rate of 17.5 percent.
This article explains what board software is and how it helps manage board documents and data sharing with ease.
What is board management software?
Board management software is a safe digital document repository and a collaboration tool that helps board members and leaders work together. It makes it easier for the board members to
- Share and review files
- Plan and conduct meetings
- Vote on issues
- Brainstorm ideas and
- Keep an eye on compliance requirements
Board portals act as a central platform where board members can perform any action related to their duties. Important features of a board portal include:
· File sharing
Board members can safely store and open documents like meeting notes and reports.
· Meeting tools
Board meeting software allows boards to plan meetings and send out schedules ahead of time.
· Task tracking
Tasks can be given to members, and their progress can be followed to make sure things get done.
· Security and risk tools
The system helps spot and reduce risks and protects private data. Only the right people can view certain content.
· Reports and data
Boards can create reports and see how involved members are in meetings and decisions.
How does board of directors software help with board document management?
BOD software provides a centralized data storage facility that is accessible from anywhere, anytime. Here is how it makes data handling easier for boards.
1. Centralized data storage
Board portal solutions are online tools hosted on cloud storage. The data stored in these solutions can be accessed from any part of the world at any time. Centralized data storage helps users in different ways, like:
· Instant access to board materials
· You can make real-time updates or edits in the documents, and every concerned user will be notified immediately.
· Users can immediately request access to relevant documents if they don’t have it already.
· Board room users get access to the updated document versions.
Online centralized document storage makes sure you do not need paper copies of board books or other documents.
2. Better data organization
Being able to access documents from anywhere and the ability to find the required data in no time are two different things. Board software makes the data retrieval process a lot easier and faster.
You can categorize your board data according to your needs or industry requirements. There can be different folders or subfolders for policy manuals, audit reports, financial statements, and other board materials.
Once you categorize the data, you can add search tags to documents. These tags will allow the users to locate any file by using relevant phrases or keywords. High-end board portals also provide an auto-indexing feature, which simplifies the document access process.
3. Controlled data access
One of the best things about board portals is that they allow administration to control document access. That means only boardroom admins can decide who should access what and when. These solutions give complete control over data sharing and access in the following ways.
· Role-based access permissions for users
· Time-based access (users will be able to access specified files in a defined time frame)
· Remote document purging if a sensitive file goes to the wrong user. Admins can immediately remove that file from the user’s device or cache memory.
· Board software admins can also restrict users from sharing, editing, printing, or downloading a file. They can even prevent screenshots.
Key benefits of board portals for businesses
Efficient document and access management are not the only strongholds of boardroom technology. Here are other benefits worth mentioning.
Data protection
Any online data management tool is completely useless if it cannot protect your sensitive content. Organizations face high costs of data breaches every year despite using precautionary measures.
Strong digital security is one of the strongholds and primary selling points of board portal technology. It employs the finest security measures to eliminate or minimize the chances of data breaches or leaks. Premium boardroom vendors use banking-grade data encryption tools that protect data during transit and at rest.
You will find the following security features in all high-end solutions
· Multi-factor authorization
· Granular access permissions
· Digital watermarks
· 256-bit SSL data encryption
· Fence-view mode for documents
Paperless board meetings
Board portals are also known as board meeting management software that streamlines your meetings effortlessly. You can automate every single process related to board meetings. Here is how:
· Use built-in templates for agenda-building and meeting minutes
· Create and share meeting calendars with all board members in advance
· Provide necessary materials for better meeting preparations
· Ask members to cast votes electronically during the meetings
· Get documents or contracts signed by board members using the electronic signature feature
Conclusion
Board portal is a paperless board meeting software that simplifies board meetings and ensures organized document management. It also provides maximum security against internal and external threats and allows boardroom users to collaborate from anywhere, anytime.
