Today’s business challenges make traditional paper management and meetings in person more and more inefficient. This is especially true for company directors. You might be the one, having no experience with virtual software for paperless board meetings yet. Then, you might have encountered a whole lot of problems like delays, neglected details, and general misunderstanding in your company’s governance.
All this may cost your business too much. In response, board portal providers offer you a set of highly effective tools to manage your company. Thus, it will be ready to keep up with the new economic reality and face the risks related to it. But how to make the optimal choice from numerous solutions available on the market today? Take this guide to find the answer.
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The Essence of Paperless Meeting Software
Software for paperless board meetings is a platform, website, or dedicated app that helps a company’s management arrange secure and fully arranged meetings online. This is a tool that not only makes meetings go smoothly. It can also serve as a reliable means of your GRC strategies that include business governance, risk management, and regulatory compliance.
With proper virtual board software on hand, your secretary will be able to draw up agendas and prepare the roadmap of the forthcoming meetings. You will easily share your agendas with the other directors as well as get access to their materials without security risks. How does it all work? Let’s have a bird’s eye view of the software’s main features.
Key Features Explained
To understand the potential benefits of implementing an online board meeting solution into your management model, learn the core capabilities of such tools. The top essential options you should factor in will be:
Functionality
Although all virtual boardroom programs serve the general purpose of holding meetings, each one of them copes with the task differently. Since any meeting consists of document exchange and discussions, an ideal variant of a paperless portal for you will have the following options:
- An Aadjustable library to upload/download, revise, review, discuss, and sign documents;
- An agenda menu to keep members on track with the tasks;
- The virtual voting & e-signature options;
- Terms tracking options;
- Minutes builder;
- Personalized forms builder;
- Offline access to the meeting documentation;
- An easily-manageable interface with all features integrated.
With these instruments at your disposal, you will be able to take your company’s governance to a new level. The profits from board portal software will at least include time and capital saving. No paper printing. No travel expenses. The whole meeting – planned from the preparation stage up to its final minute.
Security
All the above-mentioned options will only benefit you when your virtual boardroom is 100% safe. It is only possible when the software functions in compliance with the information security management standards (ISMS) and has enough tools to protect your sensitive data, which include:
- an ISO 27001 Certificate;
- excellent SOC-2/SSAE-18 audits;
- industry-standard firewalls;
- the advanced methods of data encryption;
- back-up tools, etc.
You may not understand how all this works, but you may ask your vendor-to-be for clarifications. Before you accept any service, ensure it will provide you with the highest level possible of security.
Integrabillity
One more feature to consider is how customizable the paperless meeting solution of your interest is. Proper business governance may imply different tasks depending on the business type. No matter which type it is, the chosen tool should integrate perfectly into your business scheme. The top management, your corporate secretary, general counsel, legal experts, and other members of your team may be plugged into the process. So, a properly working virtual board software will allow them all to integrate and find all the options they need to do their jobs.
How You Should Pick A Portal Vendor
When it comes to selecting a paperless meeting solution, you should realize that providers of this software differ not only in pricing models but mainly in available options. You can come across multiple platforms and we will particularize only several of the top reputable vendors. Which of the ready solutions will bring you the maximum effect? Your decision on any board management software will be correct when you do the following:
- Define your company’s needs and must-have features.
- Pay thorough attention to vendors’ reputations and experience in the market.
- Estimate how secure it will be to use such online software.
- Choose providers that offer free trials so that you can check the portal’s adjustability to your business.
- Ensure the soft vendor offers enough tutorials and proper support.
- Compare prices, but be realistic in finding a good balance between the price and functionality.
- Factor in other customers’ reviews.
These simple rules will save you time and costs. After you choose the right paperless board meeting software, you will soon feel positive dynamics and would hardly miss your paper sittings of the past.