Is Your Board Portal Software Meeting Your Directors' Needs?
Over the past two decades, portal software has emerged to become one of the most valuable tools for boards who want to ensure that their directors receive the information they need to discharge their duties in the fastest and most secure way possible.
Board portals allow board administrators to send electronic versions of board reports, memos, documents, and data directly to board directors without needing to print everything out or use costly and time-consuming courier services.
Because directors can access the information from their own computer, portals have made it easier than ever for directors to work remotely, which has been a boon to organizations with board members across the country and around the world.
But not all board portal software is created equal and as electronic communications become more sophisticated, the number of features and tools available continues to grow. Unfortunately, boards that adopted portal software early may not be aware of just how much the landscape has changed in the past few years.
If you want to make your board more responsive to the challenges of the modern business world, here are some of the ways your next board management software could help you fulfill your communication needs more effectively.
Board portal software exists to do two things well: provide a secure platform for members to access documents, and make it easier for board members to network and collaborate with each other. What distinguishes the best portal software providers are the range of tools they make available for directors to execute these tasks.
For example, board portal software that makes it easy for users to use the document library, annotate new documents, and share their work with their peers empowers directors to get more work done between quarterly meetings and improves the board's overall effectiveness.
Technology has come a long way since the days of the first board portals, and the latest software is more accessible than ever. Some software providers have even made their portals available as mobile apps, which means that board members can access board documents and discussions at home and while travelling.
Engaged board members use portal software every day, and like any technological tool, there are bound to be times where administrators and members alike will need user support. Established software providers like Aprio offer 24/7 support via phone, chat, and email, so portal experts are always available to help solve problems and ensure that the software is providing the best possible functionality.
A recent article from the global management consulting firm McKinsey & Company reported clear links between board performance and the overall performance of the organization. A board with good processes, dynamic relationships between board members, and a high degree of trust between the board and the executive correlated with stronger financial performance, suggesting that an effective, collaborative board has a measurable impact on the bottom line.
Given that good communication is a key factor in improving internal board performance, ensuring that your board is equipped with the best possible portal tools isn't just good for board governance - it is good for your whole organization