Board management software is among modern-day corporations’ go-to meeting and document management solutions. That’s because virtual board software is a multi-dimensional paperless meeting solution that boasts almost all the features required to streamline board communications, meetings, and document management.
However, to get the most out of board portal software, it is important to have good knowledge about virtual boardroom features and how you can use them effectively. In this article, you’ll find six important tips on how to use board portal software features. But first, let’s have a brief introduction to this technology.
What is board management software?
Board management software is a centralized, digital data repository and online collaboration platform developed for corporate boards, CEOs, CFOs, managers, stakeholders, investors, and board secretaries.
A virtual boardroom acts as a virtual workspace where corporate boards and other members can share, upload, and access documents, send individual or group messages, conduct online board meeting activities, prepare and distribute board packs, and initiate online polls or elections for decision making.
Though meeting management, communication, and decision making tools are among the most important in board management software, its functionality goes way beyond these features. To learn about advanced tools that board portals have to offer, head over to: https://board-room.org/.
How to use virtual board software features
1. Document repository
Board packs and other board-related documents are often created in paper form and shared through courier services. Even for online board meetings, paper board packs and documents are shared with meeting participants because even-modern day meeting management solutions don’t offer reliable data-sharing tools.
Unlike many other meeting management solutions, virtual boardrooms are essentially data repositories. In fact, many virtual boardroom providers even often offer unlimited data storage depending on your pricing plan. You can use that online storage space to store board packs, past meeting minutes or agendas, meeting notes, policy manuals, financial statements, and other board-relevant materials.
2. Better document organization
In board management software, you can arrange documents in whatever manner you prefer. For example, if your boardroom also consists of mid-level managers for some reason, you can create a separate group for them and upload relevant documents only for that group.
Moreover, you can categorize documents in folders and subfolders. Board portals make the document uploading process simple and fast via bulk-upload and drag-n-drop features. To simplify the document retrieval process, you can find a document via an index number, file name, search tag, keyword, or full-text search feature.
3. Online board meeting management
You can streamline your board meetings and even conduct meetings within the board software. That said, if your board members are comfortable with online board meetings, everything can be managed in the virtual boardroom. Even if the board wants physical meetings, pre- and post-meeting preparations and activities can be completed in the board portal.
Here are some commonly used features for board meetings:
- Meeting minutes and agenda builder and free customizable templates
- Audio and video conferencing tools for online meetings
- Meeting notes builder
- Electronic signatures to sign documents or contracts during meetings
- Online voting tools
- Presenter mode for giving presentations
- Screen sharing feature
4. Virtual boardroom security features
Board management software is amongst the most secure board meeting management solutions right now. Cyber security is one of the biggest selling points of board portal software, and the good thing is that board software has multiple protective layers that almost eradicate the chances of data breaches or cyber threats.
Here are some most important security features in board management software:
- Two-step verification for restricting unauthorized entrants or hackers
- Document access control to limit the access of boardroom users based on their roles
- NDAs to legally restrict internal or external parties from leaking or misusing corporate data
- Remote device purging for removing boardroom-related documents or files from lost or stolen devices logged into the boardroom
- Dynamic watermarking for avoiding copyright problems
- Remote document access revocation
5. Dealmaking
Board portals are not limited to internal communication; you can use this technology for dealmaking and external communication. Corporate transactions like fundraising, capital raising, initial public offerings, joint ventures, strategic partnerships, asset trading, and other processes can be easily managed in boardrooms — thanks to futuristic boardroom collaboration and project management tools.
6. Money saving
One of the most significant benefits of using virtual board software is it can help you save thousands of dollars every year. A virtual boardroom is a paperless meeting solution that minimizes or even eliminates the need for paper.
On average, a board pack may consist of hundreds of pages. Now imagine the costs of creating board packs for all board members. These may include paper costs, printing, compiling, and courier expenses.
Apart from that, conducting online board meetings in boardrooms can save traveling expenses and other costs associated with physical board meetings.
Final words
Board management software is a mega solution to cater to the needs of any type of corporate board. You can use it for board communications, board document management, board meeting management, and dealing with external bodies. Most importantly, virtual boardroom software is safe as houses. And on top of that, they are extremely cost-efficient, especially in the long term. Consider integrating boardrooms into your processes, and reap their numerous benefits for your business.
