Board Management Software: Modern Solution for Board of Directors
A board of directors has many specific needs. Most of them come from the lack of time – maintaining workflows in their departments, directors often can’t find even an hour to synchronize their activity with others. The lack of communication holds the company back from success.
Therefore, it is crucial to establish some kind of system that will help members of the board to create a steady workflow and continuous interaction with each other. This is precisely the purpose of the board management software. It provides a convenient environment where directors can share the information, see the activity of others, communicate, set tasks and much more.
Is a board portal any different from a virtual data room?
Yes, it is. While these two technologies can seem similar, they have different purposes. While a VDR server as secure online storage where a company can keep all the corporate data and share it with third-parties as needed, a board software is a teamwork tool that should be added to the data room.
Most firms are already using various tools that streamline the teamwork and manage the workflow of employees. Such programs allow to assign tasks to team members and track their productivity and the progress of the project. But not only the staff needs tools like that. Directors have duties, too. They also need to maintain teamwork and control processes.
What are the features of a virtual board software?
The most vital function of this technology is that it offers a comfortable place for directors to discuss matters. There is a secure public chat where all members can interact with each other. Also, users can create separate small chats to talk about specific things privately. It is much safer to use a board portal instead of messengers since all conversations are protected.
Directors can upload needed documents to the virtual board room so that others can review them before the meeting. It saves time during the event because everyone will already know the course of things. Additionally, using this technology director can hold a virtual board meeting if some members are located remotely or gone for traveling.
Moreover, the manager of the board software can schedule the meeting and send notifications to directors to remind them about the event. Also, all meetings can be recorded and stored in the board portal. Later members can access the recordings to refresh their memory and get ready to the next meeting.
Another convenient feature is the ability to create and assign tasks. Directors can do it during the meeting to ensure they don’t forget about anything. Later everyone can see the progress on these tasks. Therefore, everyone stays updated on what’s going on in other departments.
Virtual board software has many small functions that can streamline and ease the workflow. Among them are surveys and votes. These features might seem insignificant. However, they can be used to solve certain matters without gathering a meeting. Also, an administrator of the board portal can create a survey to find out which date and time will be convenient for all directors to hold an event.
Additionally, board portals are great for welcoming new members. There is no need for other directors to spend their time and help the newcomer to take a grasp on what’s happening in the company. The fresh member of the board can enter the portal and study all the data at a comfortable pace and time not bothering others.