Selecting the right board portal software is crucial to getting the maximum out of this technology. The vision of the right software may vary from business to business, depending on the varying needs of every organization. Some companies might need some basic features only, while others may look for more advanced ones.
However, there are certain aspects that you cannot neglect while selecting a virtual boardroom. Below is a checklist of some very important points to consider when choosing virtual board software.
6 essential things to consider while selecting board management software
1. Security features
It is imperative that senior management uses board portals as primary data repositories to store board materials and other confidential business documents. Therefore, the security of your boardroom software must be top-notch. Here are some important security features to consider:
- Multi-factor authorization: To minimize the risk of unauthorized entry into the boardroom.
- Document access control: To control who can or cannot access, edit, download, or print any document.
- Data encryption: To store and share documents in an encrypted form.
- Remote purging: To remove all board-related content and notes from any lost or stolen device.
- Digital watermarking: To avoid copyright claims and trace any changes in the documents.
Remember, only secure board portal software can give you the confidence to store and share important business documents easily.
2. Easy to access data
A basic reason behind using a paperless meeting solution is to ensure easy access to board documents and get rid of bulky paperwork. Boards use virtual boardrooms to streamline their document management process to save time. Here are some important things to consider;
- Better searchability. The board must find it easy to navigate through the board portal and search documents. Moreover, look out for vendors that allow you to access board software via mobile and tablets as well.
- Offline access. Having an internet connection in remote areas can be difficult. Look out for a board portal that allows you to access documents without the internet.
- Printer-friendly formatting. Some board members prefer using printed copies of documents due to personal or medical reasons (avoid longer screen periods). Therefore, the document format in the board portal you chose must be easily printable.
3. Video conferencing feature
Online video meetings are becoming a new trend in organizations. As a matter of fact, different states and countries require listed companies to maintain a quorum during a board meeting. So, in case of an online board meeting, the board needs to ensure the minimum attendance required as per law, which is only possible through videoconferencing.
Apart from that, the videoconferencing feature is very useful in tracking the activities of all participants. If a matter requires permission from board members, the chairperson can ask the members to raise hands in favor or against the motion. In short, videoconferencing is necessary to keep things transparent.
A large-sized organization may use multiple operating systems simultaneously. If your organization is doing the same, make sure the board management software you choose is compatible with numerous operating systems, or at least the common ones such as Mac, Windows, Linux, etc.
Furthermore, many board users prefer accessing board software from their tablets or mobiles. That means your board software must be compatible with Android, iOS, and Windows operating systems.
5. Collaboration tools
Ensuring easy collaboration between board members is one of the major selling points of virtual boardrooms. Board members use virtual boardrooms as a communication and sharing medium to share important business documents and information, which is a risky thing to do on emails and other insecure channels.
Therefore, the board portal software must ensure that users can easily collaborate in all aspects. For example, they must be able to communicate privately in their inboxes or leave comments in group discussions.
6. Governance features
Since board portals are paperless meeting solutions, and boards use them to save time and money, it is important that board software is equipped with governance features.
For example, document signing is a significant part of governance activities. Whether it is signing meeting agenda, minutes, boardbook, or contracts, the board portal must have the electronic signature feature to tackle these issues. What is the point of using board software and still printing hundreds of documents to get them signed by board members? Other major features include risk management modules, task assignment, alerts, notifications, etc.
Top 10 board portal software in 2022
Here are some of the best boardroom software based on effectiveness and customer reviews.
The right virtual boardroom is the one that has everything you need. And as you can see, there are many factors to be kept in mind to make sure you are choosing the right solution for your company. We hope that the list of criteria above will help you choose the best-fitting board portal software.
Enter https://board-room.org/features/ to explore more about virtual boardrooms.