The importance of digital technologies for the economy is growing, and it is logical to expect innovative solutions in the functionality of the boards of companies. This article will review the efficiency of the board portal solution.
Board software: what is the benefit for business?
In the market of modern software, an area of applied information systems has been formed, focused on the automation of workflow and document management support. Constantly changing conditions, growing customer requirements, and tougher competition contribute to the development of areas for the development of such software systems. And the board is not an exception. The executive bodies now require innovative virtual technologies to organize their daily activity to make decision-making more efficient and transparent.
Board portals play an important role in organizing remote board meetings. By bringing together remote teams, they help companies save on travel costs and time. In addition, they make internal negotiations simple and fast. Desktop sharing and collaboration feature further enhance team productivity.
The main board portal functions
The main board portal functions can be combined into the following points:
- Single data repository
The board software solution allows board members to structure data storage following the organization’s document storage hierarchy and perform a quick search with the ability to filter by specified parameters.
- Control of execution
The portal allows you to completely convert the procedure for issuing and monitoring the execution of instructions on documents into electronic form and organize a paperless procedure for coordinating documents. It is important that the copying of original documents and the formation of paper approval sheets are completely excluded. Documents are transferred between process participants within the same organization and geographically distributed divisions.
- Document management
The document exchange mechanisms implemented in the board software and proven in the implementation of large projects allow board members to automate the procedure for processing any document. In addition, each version of the document can be certified using an EDS.
- Data security
The boardroom mechanism for assigning rights completely eliminates the possibility of unauthorized access to information: the document is available to the user in one of three cases. If the document was created by the user, if the user is a participant in the document processing process, or if the user has accessed the document on request. In addition, the content of the database is encrypted.
- Reporting system
The board portal allows the executive bodies to reduce the time spent on routine preparation of reports and focus more directly on business operations. The management of the company can now, at any time, receive the necessary information about the current state of deals and, therefore, evaluate and analyze it, based on the analysis, make timely management decisions. The software allows you to generate analytical reports with the ability to detail any parameter of the report.
How to organize board meetings in a board portal?
The board software helps to build and automate the process, from agreeing on the meeting’s date, place, and agenda to fixing the meeting minutes and monitoring the implementation of all related tasks. A comprehensive meeting management approach automates the following key tasks:
- Preparation and coordination of the list of participants, agenda, time, and meeting place.
- Drawing up meeting minutes and keeping information about the decisions made.
- Protocol approval and automatic notification of interested parties.
Besides, the board portal is designed to record meetings and online meetings – it allows you to convert the voice of speakers into text and form a single digital archive of meeting results. Digitization of the results of meetings reduces the time for preparation of minutes.