Corporate governance affects almost every aspect of the management and control of the company’s activities and determines the main directions for its successful development. The board of directors carries out this management. Let’s investigate the role of board portal software as a primary management tool for collegial bodies.
The new digital reality: how boards benefit from board portals
The business environment is changing, new technologies and types of competition are emerging, and information is spreading rapidly. The uncertainty that arose during the years has only intensified today. Today companies need to think about the survival and preservation of businesses. In this regard, the work of the boards of directors will become more, it will be more complex and will require a deeper immersion in the business. Effective corporate governance is designed to balance all company stakeholders’ interests, management transparency, and the company’s attractiveness for investors, employees, and partners, and demonstrate sustainable growth, business profitability, and social responsibility. Businesses have used technologies that enable remote work to some extent for a long time, but the pandemic has accelerated the transition to them. Any managerial and administrative work can be done remotely. Modern boards continue to maneuver between physical and virtual workspaces. The board management software comes to place when we talk about the virtual one.
The board software or portal is a digital platform based on the SaaS model and designed for secure and productive collaboration of executives. It is a cloud service for organizing and managing the cooperation of people, which, like a transformer, adapts to the company’s business processes and helps to manage them. It can replace several programs at once for daily work. The software allows collegiate bodies to effectively organize personnel or teamwork according to the methodology of Kanban boards.
Following comparison reviews of board portal software, the list of the most popular vendors includes:
Valuable board management tools
Communication is one of the main areas of functionality of collaboration software. In the years since its launch, the board software platform has become one of the most flexible communication tools on the market. This intelligent platform offers a range of advanced and comprehensive tools for maximum collaboration. So, let’s consider what are the main board management tools for discerning directors implied in a board portal:
- Secure data management
The board software defines the right to view, edit, comment, and send documents and sets prohibitions on copying information and printing documents. The software can track employees’ activities in the organization to control the process and prevent data leakage.
- Collaboration in real-time
The board software includes convenient functionality for reviewing and tracking document changes in real-time. With the help of video conferencing tools, the boards can create public or private chats or group chats and share files and documents right during a meeting. Teams can work together while maintaining a single hierarchy. The group messaging feature allows team members to discuss projects, share files, and assign and track work without letting anyone miss a beat.
- Reports and analysis
This software allows executives to send responsive HTML emails, collect employee feedback, manage and send event invitations, and analyze key metrics to improve communication.