Today, you’ll look at board management software that has revolutionized how corporate boards work. This article will explain why a virtual boardroom is a great business solution and how it can help execute corporate actions.
Board software: how to automate the work of collegiate bodies?
Automating governance is a challenge in itself, as the government is often more of an art than a process. Especially when it comes to making collective decisions when it is required to consider the opinions and arguments of many people, to discuss many issues, and more than once. However, solutions to automate such tasks still exist.
As digitalization has taken hold of businesses worldwide, investing in business software has become part of every corporate strategy. The main goal of this software is to simplify at least one business operation, if not more. Moreover, modern enterprises are more interested in investing in software that helps to perform the following tasks at higher levels of the hierarchy:
- Document management
Senior management, i.e., directors, CEOs, CFOs, department heads, secretaries, chairpersons, etc., are responsible for guiding the organization in the right direction, which is why enterprises support them in every possible way.
Board management software is a tool that helps an organization’s board of directors fulfill its strategic planning and performance review responsibilities. It provides a virtual platform for holding board meetings, recording minutes, sharing and reviewing documents, and voting on business matters. It also serves as a database for important documents and information that the board of directors may need. A digital solution like BoardRoomMind fits very logically into the overall process of automating the company’s activities and can significantly increase the efficiency of making important management decisions.
Common board software features
The system allows the expansion of functionality, if necessary, to support actions that do not fit into standard processes:
- introduction of users in the system and their assignment to roles, taking into account the hierarchy of organizational units;
- the ability to view the current state of the process by issue and by the meeting;
- user activity log;
- formation of extracts on decisions and minutes of meetings with the ability to customize document templates.
- the possibility of competitive editing by several users of the solution formulations at the stage of coordination with versioning support;
- full-text search by documents in formalized data and texts of documents;
- service functions: correction of input errors, reassignment, and cancellation of operations, e-mail alerts, manual and automatic delegation.
Benefits of the board management software
So, board portals ensure many valuable features that can improve the execution of corporate actions in the following manner:
- Improved collaboration: The board management software provides a virtual platform that connects users. While this consolidation offers a general overview of current tasks for each user, its virtual nature allows them to collaborate even if they are located in different locations.
- Simplified management: The solution helps users stay organized by keeping documents up-to-date, maintaining minutes of every board meeting, and saving important contracts and documents.
- Reduced processing time: The software helps you avoid wasting time e-mailing documents, printing or sending bulletin board packages (the set of documents needed during board meetings), and searching for important documents and contracts for special requirements.
So, such a transformation can save a few hours a week for busy executives spending hours daily in important meetings and meetings. It can also be the catalyst that encourages company leaders to embark on a full-scale digital transformation of the entire company or organization.