At present, high technologies are changing the face and manner of doing business. The board of directors portal is one of the most striking examples of this tendency: it is used in the capital and business management of both public and private companies.
This is a multifunctional tool that allows to create and hold meetings, as well as build an environment for successful work, communication, and interaction of all team members. The success of using this software explains why boardroom these technologies are used by companies, regardless of the size or field of activity. This, in turn, stimulates supply in the market, which is manifested in the constant appearance of new boardroom software providers.
What are the main features of the boardroom software? What should you pay attention to while choosing the best boardroom management software? Scroll down to find out the answers to these questions.
Key Features of Boardroom Software
Each board portal software solution comes with features that may vary depending on a specific provider. However, there are several features that can be taken as common. Let’s check them out:
1. Analytics feature that allows you to monitor business processes; build and share reports, etc.
2. Centralized data storage with different access options.
3. Scheduling and agenda building features.
4. Collaboration feature that allows all members to seamlessly work together or individually.
Areas of Activity Where Boardroom Software is Used
Due to the fact that this is a multi-purpose tool, the scope of the board portal is fairly wide. In the table below you can see the most vivid examples.
For-profit organizations: This software helps coordinate the work of all company members and create a single business environment with a centralized place for storing information, communication between users, setting up a schedule, and more.
Healthcare: It helps speed up routine processes, such as distribution and signing of various documents.
Foundations: With the help of board meeting software it is possible to boost the efficiency and attendance of conferences through the possibility of remote participation. By means of reporting and voting options, you can keep abreast of the company’s relevant business information.
Charities: Thanks to the electronic board document management option, this software can save a lot of time and effort. This will increase the effectiveness and influence of the organization.
6 Tips to Select Boardroom Software
While choosing a virtual boardroom software, you should clearly understand your final goal, take into account the size of your company, and so on. However, there are 6 common tips, which can help you to make the right decision.
1. Choose with an Eye on Your Public-Facing Website
User experience is one of the key indicators that individuals pay attention to while choosing board room software. This includes the location of navigation buttons, an intuitive sequence of actions, the ability to customize templates, and more. This is crucial since your work should be not only effective but also as smart as possible.
2. Do not Neglect Cybersecurity
The problem of cybersecurity is one of the most topical. Companies are losing millions of dollars due to attacks and fraudulent activities. Therefore, pay attention to whether the boardroom software comes with data encryption.
Currently, the most common type is 128-bit encryption. More advanced providers may offer full 256-bit encryption that is close to the military type. Learn where your information will be stored: it is important that it be a server and not a cloud, where hackers may get much easier. Also, do not neglect the protection of text messages.
Always give preference to providers who constantly update their products and conduct penetration tests.
3. Consider Transparency Level
Currently, many businesses become subjects to public scrutiny. Therefore, you should study the set of features and pay attention to the following:
• feedback forms;
• a report feature that allows making video footage of meetings;
• the possibility of archiving all kinds of data.
4. Check out the Price List
As a rule, a lot of providers include hidden costs, which can become an unpleasant surprise for you.
Here are some examples.
a. Training support. After you have purchased the software, you need to learn how to use it. It is necessary to understand whether this training will be free or maybe you will need a paid consultant. Many providers hold regular webinars related to the functionality of their platform. But often you need to pay a fee or that.
b. Customer service. Find out what level of service you can expect. For example, it may be 24/7, but free support will only be available during fixed hours.
c. Storage volumes. This point is especially relevant if you are working with large volumes of data. Often, additional space is provided for a lot of money.
5. Make Sure Your Data is Confidential
Human error is often the cause of data leakage. For example, it could be a one-time guest address that you pasted and sent by mistake. In this case, the information may fall into the wrong hands.
Therefore, it is important that your software supports role-based authorization. Thus, the redundant versions of documents will be available only to people with the appropriate access level.
6. Pay Attention to Software’s Flexibility
It is very important that the product you choose is customizable and flexible. This is especially important in volatile market conditions when you need to be able to quickly adapt to new business processes.