Boards are going digital: meetings with all board members gathering in one (physical) room have become the exception. This new form of board meetings brings advantages in terms of flexibility for the participants, but may create issues regarding organization, communication, collaboration, and data security.
That’s where board management solutions come in. Not only do they address the challenges of remote meetings, but they also offer significant benefits in the realms of governance, efficiency, and security, providing immense value to businesses.
Here are the five main reasons investing in a board portal solution is essential for your organization.
1. Enhanced Governance
Board portals offer a single platform for managing all board activities. All board-related documents are centralized, which not only facilitates communication and collaboration, but also greatly improves transparency and traceability. Comprehensive reporting and analyses are available, responsibilities can be traced, dates checked, audits and compliance become much easier. A board management solution ensures that governance standards are met efficiently and effectively.
2. Increased Efficiency
Streamlining board meeting processes is a key advantage of board management solutions, for general secretaries and board members alike. For the former, the tool facilitates administrative tasks such as agenda creation, schedules and reminders, minute-taking. This not only saves time but increases accuracy as errors due to manual execution are avoided. As to board members, they benefit from easy access to and collaboration on all documents, e-signing features, comprehensive meeting data, etc., allowing them to focus on strategic decision-making rather than worrying about logistics.
You might be interested in: A New Era for board Efficiency: 3 Ways to Cut Board Meetings Planning in Half
3. Improved Communication and Collaboration
Effective communication and collaboration are crucial for successful board operations. This can prove complex as often members join remotely. Board portals address this issue by providing secure collaboration features. This includes annotation tools, virtual online surveys and voting, and e-signature features. Thanks to artificial intelligence, some board portal solutions offer multilingual capabilities, breaking down language barriers. The seamless interaction among board members, committees, and executives fosters better engagement and informed decision-making.
More information on our innovation AI feature: Your Legal Assistant Across Languages: DiliChat
4. Enhanced Security and Confidentiality
Security is a top priority for board activities as highly sensitive information is shared and discussed during board meetings. Board portal solutions integrate robust security features. These include encryption, two-factor authorization and single sign-on, granular access rights and permissions, etc. These features facilitate compliance with regulatory requirements and corporate governance standards. Moreover, they mitigate risks associated with data breaches and unauthorized access to sensitive board information.
Learn more about data security strategies: A Guide to Data Governance & Privacy: A Checklist for Boards
5. Superior Board Member Experience
A major advantage of board management solutions is that they offer board members the best possible user experience. This is essential for board member satisfaction and engagement. Mobile access is one element. It allows board members to access the meeting information from anywhere, on different types of devices such as tablets. Another advantage of comprehensive board portal solutions is the possibility to access different boards from a single device – and this is key to executives who often sit on more than one board.
Board management solutions provide intuitive user interfaces and personalized dashboards, which further improves the user experience. These features ensure that board members can easily access the information that is relevant for the role and manage their responsibilities. This leads to a more productive and satisfying board experience – and greater business success.
Choosing the right solution
Investing in a board management solution brings numerous advantages to organizations. From enhancing governance and optimizing efficiency to an improved user experience for board members, these solutions are indispensable for efficient board activities.
When choosing your solution, make sure to have a close look at the features it offers. Easy use for instance is essential for user engagement. Also, is it flexible enough to adapt to the needs and requirements that are specific to your organization? But most importantly it must provide solid security measures to protect the highly sensible data of your boards.
For more information on DiliTrust’s Board Portal solution, don’t hesitate to ask for a demo!
