If a company’s government wants to transfer the activity of collegial bodies into an online format for better and more efficient decision-making, board software is a win-win solution. So, how does it work?
Board management in a digital world
Technological advances and increased market competition require organizations to run their businesses differently. Offline meetings are no longer the only option available. Also, you cannot afford to waste time and resources. The widespread transition to remote work and, consequently, the rapid implementation of new digital decisions forced the board of directors to change their approach to digitalization. In the end, the board of directors should ensure that the organization fulfills its mission and bring significant and long-term benefit to its clients and society. And for this, they must be invested in digital tools, mastering the best cybersecurity practices, and developing the skills needed to ensure the company’s work in the modern digital world.
Another critical part of the successful digital transformation of the board of directors and the use of digital tools is the strengthening of cybersecurity. If the board of directors is inserted into operating tools but will underestimate the increase in the threat of cybersecurity that is related to these tools, it will submit to itself and the company of significant risk. Although cybersecurity issues have long been in the field of view of many directors, a combination of widespread distributed work and increasingly sophisticated attackers’ attackers last year has expanded both opportunities for these attacks and their impact on business activity.
These facts stimulate the board of directors to implement the board portals in their daily activity actively.
Board portal – the best solution for the board management
The management board and supervisory board offices usually take care of the preparation and follow-up of committee meetings, which are supposed to plan meetings as efficiently as possible with the help of a board portal. It raises the question of whether the documents are easy to manage and, at best, can be easily uploaded to the board portal using drag and drop, whether meeting folders are created automatically and easily adapted when individual documents are updated, and whether the supplying departments can easily and above all, be sure to be involved in the creation process. In addition, a board portal should allow the executive and supervisory board offices to manage voting and approval processes from the system and automatically remind the supplying departments of submission deadlines.
Today the IT market offers many options of board portals:
- Diligent
- Aprio
- Onboard
- Boardrac
- BoardPaq
- Boardmaps
- Nasdaq
- Boardable
- BoardEffect.
These board software vendors meet all the requirements of ISO 27001. Your data is stored in encrypted form on servers at different locations. Fine-grained access management allows you to specify which user has access and intervention options in the board portal. With your corporate design, the software adapts to your company and can be structured according to your requirements and work processes. It increases the immediate acceptance of the tool and integrates it seamlessly into your digital governance architecture.
Besides, your meeting minutes are available quickly and securely with the portal, thanks to a digital signature process. All session members receive a notification when the minutes are stored in the system. After checking, those responsible confirm the meeting notes with an individually generated one-time password.