Together with business development and growth, it becomes more and more difficult to properly manage the board of directors. The fact is that the number of personnel is growing, the interaction is becoming more complicated, which can lead to inefficient management and financial losses in the result.
But with the development of technology, board portal software has been introduced into the business environment. For the time being, the owners of a wide variety of businesses around the world use this software, regardless of the size and field of activity.
First of all, it is worth saying that this is safe storage for all confidential files of the company since data leakage is the number one problem a lot of companies face with.
Also, virtual boardroom users with the appropriate access rights can upload files of any size and extension to the cloud storage, access or share them with other people.
Thanks to this, management members can study the files in advance and prepare for future events.
The current article covers not only a general description of board management software but also its benefits and key peculiarities of the appropriate market in 2022.
Keep reading to be aware of the latest trends.
Typical Features of Board Management Software
In this section, you can learn more about some general board portal features most board portals come with. It will help you better understand why this software is crucial and how it helps conduct efficient management.
Role-Based Permissions
The board of directors software administration can configure access in such a way as to divide users into those who can only view documents, while others can edit them. This helps to significantly reduce the risk of unauthorized access, increase the protection of information and its confidentiality.
Encryption
This feature is directly related to the previous one, as it also ensures data integrity. Modern board portals offer advanced encryption security with 128 or 256-bit keys. In this way, companies can be sure that the information will not be available to hackers or third-party users.
Building an Agenda
The boardroom offers to create an agenda template and indicate scheduled events. You can use the default settings or customize them in detail. If necessary, you can attach links to internal or external resources, documents and share the agenda with board members.
Assembly Center
Thanks to boardrooms, it is possible to add participants in a few clicks, set a time, or reschedule a meeting. In turn, the system will automatically notify all members of the meeting.
Minutes of the Meetings
Members of the board of directors can receive clear and effective meeting minutes. To share them, you just need to generate a protocol and send it to the participants automatically.
Member Profiles
The boardroom administration can quickly access all involved persons, learn from contact information, location, committee membership statuses, and more.
Document Center
All important corporate information of the company is stored in a special secure library in its own secure library that supports files of various formats and sizes.
Thanks to simple navigation and an advanced system of markers and filters, finding the right file or folder takes a few seconds.
Benefits of Using Virtual Boardrooms
In the shortlist below, you can get an insight into the key board software’s benefits. They are common for most of the up-to-date board portals.
- saving financial and labor resources;
- convenience and quick access regardless of the device used;
- enhanced governance;
- ability to securely store large amounts of data.
Trends in the Portal Market in 2022
In this section, you can get acquainted with the main trends of 2022 in the board portals market. The information below will help you not only navigate the current situation and shift the focus when choosing software but also forecast the development of the market in the future.
Cybersecurity
It’s no secret that cybersecurity has always been the number one concern for most businesses. Developments, research results, innovations are a target for attackers who are trying to steal or somehow damage data.
However, in recent years the situation has deteriorated sharply.
Many attackers are taking advantage of the high reliance on virtual meeting platforms. Therefore, board members should consider this issue as a problem that needs to be addressed immediately. That is why providers are developing new effective corporate governance practices to make board document management secure and confidential. In 2022, cybersecurity risk management will be tightly connected with the integration of digital methods into various governance processes. In addition, security protocols will be more proactive than reactive in order to not only protect against threats but also prevent them.
Improved Remote Meeting Experience
Nowadays, the use of virtual meeting tools has become a must-have for board meetings. This helps members of the board of directors not only feel comfortable regardless of their location but also keep a social distancing during the pandemic.
In 2022, this trend will be not only declined but also increased, as providers will try to follow more stringent requirements. Up-to-date software will provide video conferencing with unhindered access to all board data packages. This will ensure more active interaction within the board of directors.
Automation and the Need for Speed
Thanks to boardrooms, it became possible to switch from manual to automated management methods, which significantly accelerated decision-making processes. Currently, for example, archiving and sharing materials from board books takes a few minutes only unlike a couple of days like it was before. The newly created board books become a kind of template for subsequent ones, providing continuity and helping to properly organize information.
However, the exchange of information and its volume is only increasing, so speed and automation will be the crucial thing for providers to pay attention to.