There is a misconception about board management software that it is only used for board communications. Yes, board portal software is primarily used to help board members keep their communication and data sharing on a centralized platform. However, virtual boardroom solutions can offer a lot more than that.
Today, we are going to help you explore a less-known dimension of board software — project management. The board of directors is not only responsible for supervising a company, but they are the key figures in large-scale projects like acquisitions, mergers, granting loans, investing in other companies or businesses, raising capital, and partnering with other business ventures.
Board of directors software is often used as a project management tool during these significant transactions. Let’s explore what board portal software is and how it makes project management easier.
What is virtual board software?
Virtual board software or board of directors software is a multi-purpose digital platform used to ensure safe, fast communication between directors, corporate secretaries, chairpersons, CFOs, CEOs, and other board members.
A virtual boardroom is primarily used for board document management, as thanks to it, board members can upload, organize, access, and share documents in real time. It is also commonly used for board meeting management, as it allows for arranging audio and video conferences without leaving the software.
Virtual boardrooms are globally used by corporations, enterprises, nonprofit organizations, company directors, senior officials, associations, and unions.
How to manage projects with board portal software?
1. Centralized document storage
Any business transaction, whether it is an acquisition, merger, fundraising, or joint venture, revolves around a voluminous amount of data sharing. Businesses acquiring other businesses or starting a joint project with them will definitely go for a detailed analysis of business and financial documents from both sides.
Factually, this is the toughest part of these types of ventures because finding a reliable and easily accessible solution is pretty difficult. Virtual board software can be easily used for storing corporate documents in a centralized platform. That said, all types of corporate documents can be uploaded and organized in a virtual boardroom.
Board portals make the document uploading process faster. With the bulk upload feature, you can upload hundreds of files at once. Also, documents can be categorized in different folders and easily retrieved whenever needed.
2. Easy document access and sharing
One of the biggest advantages of using cloud-based platforms is their remote accessibility. Remote access to boardrooms makes it easier for every user to log in from anywhere and access required documents.
Similarly, document sharing is a lot more convenient than any other data-sharing tool. For example, rather than using emails for sharing data, boardroom users can share files with one or multiple users at once, and that too without leaving the platform. An alternative way is to create a document, tag all concerned personnel, and give them access to it.
Board members or other individuals involved in the transactions can also annotate documents in real time. Smooth data sharing and fast access to documents are two very important success factors in transactions like these.
3. Seamless communication
It is needless to say that when two or more businesses are involved in something unusual, there will be regular communication between the leadership from all sides. Apart from senior company officials, there will be advisors, lawyers, and facilitators.
Managing communication between a large number of individuals is not a piece of cake, especially when communication must be kept safe. Thanks to board portals, a large number of users can be added to the boardrooms, allowing them to communicate freely.
Users can communicate through boardroom chat messengers for individual or group conversations. Similarly, board software comes with HD audio and video conferencing. Depending on the boardroom provider, up to 100 users can easily participate in audio and video conferencing. What’s more, board portals usually allow integration with video meeting tools like Zoom or Skype.
The Q&A module is one of the most effective communication tools used in inter-business transactions. Using this feature, participants can ask questions and get answers in real time. Other than that, questions can be recorded in an Excel file and get answered by other parties; virtual boardrooms usually have a built-in Excel file viewer.
4. Data security
Where fundraising, M&As, or joint ventures take time, they are very risky in terms of potential data theft. That said, businesses involved in such transactions need access to each other’s confidential documents, which can be misused.
However, when it comes to managing your projects through board software, data security is guaranteed. Board portals have a long list of security features at all levels.
For instance, there are minimum chances of unauthorized entries in the boardrooms, thanks to two-step verification or multi-factor authorization. Second, documents can be shared or stored in encrypted form, and only destined recipients can decode the files.
The best of all? Virtual boardrooms make sure that the administration has 100% control over business documents. That said, any user or a group of users can be denied from accessing any document or even a page from it.
Similarly, boardroom management can revoke document access at any time or remove any device or user from the board software. Parties involved in the transaction can be requested to sign NDAs within the boardroom. Fence view mode is one of the most valuable document security features in board software. It ensures that nobody can scan a boardroom document or take screenshots of it.
Rounding it up
Board portals are super effective in managing unusual corporate projects. They provide a safe platform for data sharing and communication, and most importantly, they are remotely accessible from anywhere, anytime. Some commonly used board portals include Diligent Boards, iDeals board portals, Nasdaq Boardvantage, Govenda boardrooms, and BoardPro. To find out more about virtual boardrooms, head over to boardroomworld.net.