Research from IndustryARC anticipates that the board portal market is projected to reach a whopping $2849.7 million by 2026, growing at a CAGR of 17%. That’s because adoption grows beyond the traditional finance sector into education, IT, health, and other industries.
Plus, the GRC (global governance, risk, and compliance) software market is all set to reach $64 billion by 2025, demonstrating a growing need for digital solutions that provide better visibility and control over corporate compliance.
So what’s fueling the board portal software market? Let’s take a look at some crucial challenges faced by businesses today and how board management software is catering to their needs.
Board portal, also known as virtual board software can be one of the powerful tools for businesses no matter the size. It provides a secure digital platform that streamlines the communication between the trustees and the board of directors.
On top of that, whatever happens in the board portal stays there, as everything on the board portal software is end-to-end encrypted to the best level possible.
In a nutshell, virtual boardroom software offers the following functions:
- Directory and digital meeting calendars.
- Annotation tools.
- Agenda and meeting minutes templates
- Voting features
- Robust search options
- Online data storage
- Board book creation
- Task management
If you are used to conducting board meetings offline, you deal with voluminous documents containing the main company facts and figures, memos, financial statements, and plenty more. Keeping track of all this can be a little daunting, and that’s where virtual board software comes into play.
The board portal not only helps you conduct virtual board meetings but offers a complete suite of essential board tools. Intrigued? You can find more compelling information on the perks of virtual board meetings here: https://boardroommind.com/virtual-board-meetings/
Meanwhile, let’s get back to the reasons to embrace a paperless meeting solution. Some of the most common ones are described below.
Board executives are notoriously time-poor and face ever-increasing demands on their time since keeping up with today’s digital world isn’t easy. So how to go about it?
Board management software helps the board utilize their time more efficiently, enabling them to have 24/7 access to essential board materials.
Moreover, the board portal allows everyone to set their schedule at their ease for reviewing crucial board documents. This flexibility of use helps the board be more informed and enhances board collaboration.
Security issues are one of the biggest concerns businesses face today and a critical factor driving the adoption of the virtual board software. Data breaches not only inflict reputational and financial damage but leave a cost that you can’t quantify.
The cyber-threat landscape is evolving, and the board executives are a tempting target for cyber hackers attempting to acquire unauthorized access to sensitive board information.
Fret not: using cloud-based digital solutions such as board management software ensures the board documents are only accessed by authorized personnel.
Plus, the board portal employs robust end-to-end encryption that exceeds the degree of security, allowing the businesses to meet data protection with assurance.
Also, you can restrict downloading and printing board documents and can put watermarks, adding an extra layer of security.
Every day brings new challenges that need to be resolved right there and then, and the board usually spends a lot of time resolving such issues. But what if the board is spread geographically?
Board management software has got you covered, from reviewing to signing board papers to vote on certain agendas/board meetings; these governance-focused tools help the board of directors collaborate efficiently and securely.
Plus, the board portal provides the board with instant access to board information, improving their ability to make strategic decisions that add value to the company.
Also, it allows the senior executives to connect in real-time and exchange ideas that help them make well-informed decisions and keep the communication open for everyone.
Updates are reflected in the board’s digital board in real-time via board portal solutions. Board management software enables the board to communicate last-minute modifications instantly, ensuring that everyone is up to date on the newest developments.
Are you ready to optimize and transform your board meeting process? Board management software is all you need to take your business to a whole new level and keep it thriving. Nonetheless, don’t take the seamless transition for granted. Take your time and make sure the solution you choose covers all the areas aforementioned; you will lay the foundation for years of going digital that will change the way you do business.