Intra-corporate communications require a favorable environment for development. After all, this is how board members get access to the latest data on the company’s activities. This access should be instantaneous and allow for full-fledged meetings of the management team. Even the participants are located in different cities and countries. Only a few giants – Hewlett-Packard and Intel – create such systems independently. Most companies turn to the services of specialized board room software providers. Visit this website to choose the best software vendor!
Undoubtedly, ensuring the fulfillment of complex tasks requires severe expenses from a joint-stock company. However, improving the strategic interaction of leaders will help make quick, far-sighted decisions, i.e., enhancing long-term business performance!
Find Your Best Board Portal & Enjoy Its Privileges!
Are you limited in time for meeting prep and need to make the best of it? Don’t waste your time with complicated software or complex technical issues! An online board portal is going to offer you the following advantages:
- Online calendar with meeting schedule;
- Remote participation via videoconferencing;
- Chat, calls during the preparation and conduct of meetings;
- Secure online voting on agenda items;
- Unified electronic data storage;
- Work with board document management online and offline;
- Formation of instructions online following the results of the meeting;
- Current industry news and company news in the account;
- Online access to up-to-date data, infographics on critical indicators;
- Ease of work in several committees and boards of directors.
So, the preparation, conduct, and, most importantly, control of the work of the board of directors will now become easier! Moreover, you can quickly find the necessary documents and track the execution of orders. In this way, you can quickly assess the benefits of achieving internal consistency in the indicators used. Due to a virtual boardroom, each participant (subject to the availability of the necessary rights) of the meeting will be able to easily trace their formation from the primary data characterizing financial and administrative operations. After all, senior managers and board members need to be able to get to the root of the company’s problems or catch the sprouts of opportunities that open up before it.
Data Relevance & Individualization Of Reports
Traditional reports with figures for the past month are now an anachronism! In large American corporations, it is believed that executives should receive information no more than two weeks (and best of all – a week) ago. Using board portals is a sure way to reduce data submission times! Moreover, it creates the conditions for making more flexible and almost instantaneous strategic decisions.
Board portal software allows not only to conduct meetings, absentees, and delayed voting but also to integrate the program into the company’s workflow and internal IT services and provide full access to all materials offline. Furthermore, data protection and access control are provided by AES encryption and a secure data transfer protocol. That is, such services allow remote meetings and absentee voting and provide for the security of data storage, which is extremely important in the era of digitalization.
In addition, the board of directors software contributes to the individualization of reports under the needs and terms of reference of specific users. For example, board members choosing a particular global market strategy and top executives defining a critical regional market to implement that strategy need different data to make decisions. Besides, the board of directors creates committees to solve specific problems (the most common are committees for audits, appointments, and remuneration), so they require relevant specialized information. In other words, the selected virtual boardroom will provide reporting in various versions, focused on a strictly defined target audience.
Performance Evaluation & Internal Control With Board Portals
Set up your virtual boardroom using a core set of performance indicators covering all reports’ most crucial business areas. To fully implement these indicators, it is necessary to standardize and automate the collection of data and the generation of reports! Do not forget about the distribution of urgent messages to managers about achieving certain threshold values by key indicators (indicating cardinal – both positive and negative – changes in the situation).
As for the internal control system, board portals also help to solve several tasks facing each company in three areas:
- conducting business (ensuring the efficiency and effectiveness of operations);
- preparation of financial statements (guaranteeing the accuracy of information);
- the existence of the company within the framework established by regulations, rules, and standards (compliance with relevant requirements).
This system includes 5 elements: creating a controlled environment, risk assessment, implementation of control actions, information exchange, and monitoring. So, it is possible to single out the essential areas in which board of directors software tools are being developed, which are used by top managers and members of the board of directors for guidance in internal control. These include risk management, information security management, and compliance management.
As for the benefits of using a board of directors software, we can answer that it is worth using it! Despite the relatively high cost of providers’ services, they offer several useful functions. So, you can increase the board of directors’ efficiency and accelerate the company’s development. At the same time, it is essential to emphasize the guaranteed security of your data. After all, the development of digitalization also means an increased risk of compromising the company.
Executive officials use board portals to manage day-to-day activities. With the help of software-generated reports, board members perform their supervisory functions. In addition, risk management systems are essential for companies of any level and direction. These may be research and development, the production of new goods or services, the introduction of advanced technologies, and financial corporations. Thus, the use of board room software in the conditions of modern reality can be elevated to the rank of necessity!