A board document management is a tool that simplifies corporate governance processes. All up-to-date boardroom providers offer a set of features that help reduce the time needed to prepare and conduct a meeting, increase efficiency, and ensure centralized interaction between all members.
In addition to meeting management, the functions of the board portal include tools for digital agendas, voting, protocols, annotations, signatures, document storage.
All the processes which earlier were related to paper workflow are now digitalized. This significantly accelerates decision-making and reduces financial costs.
In the context of today’s review, special attention should be paid to the communication option. Efficient management is a sign of a company’s credibility and boardrooms play a key role in this.
Thanks to the board of directors portal, entrepreneurs can keep in touch with their investors and know the latest facts and figures about their company.
Due to board portal software, entrepreneurs can also arrange meetings and prepare materials in a short time, while investors have no need to worry about the integrity and confidentiality of data.
The ability to use the service on the go with the help of mobile applications allows being in touch 24/7 from anywhere in the world.
Keep reading to learn more about the main features of the boardroom and how they help entrepreneurs interact with investors in stages.
In the life of any company, there are several business cycles that it goes through and which are directly related to board portal software usage. The characteristics of each of the cycles can provide useful information for investors, so let’s take a look at the main ones.
In this case, the preparation for the meeting, its holding, and the subsequent analysis of the information received is implied. At every meeting, there are issues on the agenda that need to be addressed. The general opinion of investors about the specific company is based on how effectively and quickly these issues can be resolved.
The main task at this stage is to develop a company policy and an efficient budget. At the same time, companies need to use third parties in order to verify financial documents and reports. Thanks to board rooms, at this stage it is possible to involve a large number of people and provide them with a single platform for interaction to share their views, ideas, and so on.
An important aspect of the annual cycle is succession planning and the appointment of new directors.
Thanks to the built-in options for receiving feedback, evaluation, voting, it is possible to get an idea of the strengths and weaknesses of the company.
All of the above helps support efficient governance.
Only those companies that are managed by talented directors can grow and develop. Efficient management is directly related to risk reduction and profit increase, which is a key indicator for investors.
Each board room software comes with a set of features, which may vary depending on a certain provider.
Below, you can see the table that helps you get an insight about some general functionality the most up-to-date board is provided with.
|Meeting manager||This feature allows you to organize meetings, attach documents, work with calendars, track attendance, and more.|
|Board meeting minutes||The boardroom functionality allows you to build, edit, and share protocols based on digital agendas.|
|Dashboard||The board room has a single main page where users can view scheduled, calendars, important documents, links to internal and external resources.|
|Reliable search||The software provides a quick search for the desired document using filters and markers in just a few clicks.|
|Task management||Boardroom allows you to create, assign and monitor activities to optimize workflows that are associated with individual or group tasks.|
|Report||Thanks to this feature, it is possible to archive and study information related to user information, permissions, statistics on various documents, meeting attendance, retention policies, and more.|
|Polls||With the help of a virtual boardroom, you can create and distribute surveys using templates. The process is flexible, so you can change question types, view progress, send reminders, and more.|
|Document repository||You can store documents in different formats and sizes, and customize the folder structure according to your organization’s corporate governance policies.|
Thanks to board meeting software, it is possible to quickly organize and manage documents that are important for investors. In this way, they will feel confident and realize that they are working with a company that takes its duties seriously and strives to comply with all laws and regulations.
At the preliminary stage of contact with investors, it is necessary to discuss communication options, develop a meeting schedule, the way of data presentation. Most investors have a tight schedule, and the board room allows you to be as flexible as possible.
If you already have an idea about investors and their peculiarities, you can customize the portal in such a way that investors can get exactly what they expect. The company’s processes at all stages of its development are reflected in the reports. This feature provides data transparency so that investors can study the pros and cons of a particular business over a certain period of time.
Board portals allow you to develop and analyze the results of meetings for both short and long-term planning. With the help of this software, investors can easily find the necessary information on profits, losses, filtering data and viewing it in a form convenient for them (text, graphic, multimedia). So they can get a bit picture of the past, present, and potential future of the company in order to calculate risks.