Virtual board software options have gained popularity, with most businesses switching to remote work due to the global pandemic. This is probably because moving to the virtual space to conduct board meetings has many advantages.
Even without being forced to switch to online platforms due to the pandemic, many successful businesses opted to go fully digital before. For this reason alone, it’s important to consider what makes online board meetings so appealing.
Long story short, the benefits of virtual boardrooms boil down to cost-effectiveness, security, and document management. So let’s discuss each of the aspects in more detail.
Security
Nowadays, most board management software is equipped with top-notch security features, such as encryption, secure cloud storage, and much more. However, despite many of the software coming with built-in security features, you must still monitor the processes to make sure the most sensitive documents of your business aren’t vulnerable.
You must be certain that all of the documents, data, and correspondence are protected against possible outside attacks in your virtual boardroom. Ensuring that all the security features are enabled or even having a dedicated team handling online security will ensure the smooth operation of board meetings online.
The security concerns regarding the safety of the board members and the confidentiality of the documents are all mitigated thanks to online boardrooms.
Cost-effectiveness
For most executives, the prime selling point of board portal software is its cost-efficiency. It’s hard even to begin listing all how switching to virtual boardrooms cuts costs for your business, but let’s try:
- Firstly, you won’t be paying for the airfare and lodging for the directors from all over the country or even the world so that they can attend the board meeting. Even cutting that cost can already be enough for many to seek ways to switch to a board portal immediately.
- Going all virtual also cuts the costs of equipment necessary for the smooth conduction of the meetings.
- As you know, holding high-level meetings can be associated with many foreseen and unforeseen costs coming out of the company’s pockets. If such costs can be avoided by simply choosing to hold the board meetings online, it’s a major win for the company.
There are also some ways online boardrooms can help your business avoid unnecessary costs.
- By keeping track of the documents and the communication between the members, board meeting software helps mitigate possible mistakes. In the business world, even the slightest miscommunication between the board members can result in tremendous losses for the company. With online board meetings, such unfortunate situations are minimized thanks to the data on the documents, meeting attendees, recordings, and conversation logs of the conducted meetings.
- Creating the board meeting resolution, which is often viewed as tedious, is simplified when meeting online. The board can discuss, decide, and vote on the topics, all from the comfort of their homes or offices.
- When the meeting is held online, it is also much easier for the directors to establish common ground by keeping track of modifications to documents, resolutions, and so on.
Document management
What makes the virtual boardrooms a breeze for many directors is the simplicity of managing documents. By switching to the virtual realm, the need for printing thousands of documents for each meeting is wholly gone. Such adjustment cuts costs and helps the directors find the necessary documents faster, speeding up the whole process while not compromising the decision-making steps.
Aside from all the above-mentioned benefits, the paperless meeting solution makes your company more climate-friendly. Going paperless is also closely linked with cutting down the costs. Some board meetings can require thousands upon thousands of documents to conduct a few hours of discussion and come up with solutions.
Because there is no need to print all of the documents, the cost of paper is close to zero. While it may not appear to be much when calculated for each meeting, it can quickly add up, and the value you gain from eliminating printing costs will gradually but steadily show up in your company’s total budget.
Conclusion
Board management software is the answer to the modern challenges and the way to the future:
- Going all-virtual for board meetings is the answer your business has been waiting for, as it provides you with many options to enhance the meeting experience for board members while dramatically lowering expenses.
- The security features of conducting meetings online will give you peace of mind and help you and the board members to divert your energy where it’s most needed.
- By cutting the travel, paper printing, and other costs related to holding in-person meetings for the board, you will increase the profit margin while not compromising the quality of the meetings.
- Finally, having all the documents online makes handling them easier for everyone involved.
All these excellent features and much more makes the virtual boardrooms the number one choice of executives from across the globe.
