Very few technologies were actually able to penetrate the business spheres and were adopted for long-term use. Board portal software is one of those technologies that actually changed the face of corporate governance. A board portal is a mixture of multiple high-end technologies that offer a wide range of benefits to all types of businesses.
However, if you use any board management software in the market, you might not get the results you are looking for. That's simply because all virtual boardrooms are not the same in terms of functionality, security, and ease of use.
Therefore, rather than switching to new board portals again and again, it is better to do your research and find the one that suits your company's needs. In this article, we have discussed some crucial factors and valuable tips that can make your research phase easier and faster.
What to consider when choosing a virtual boardroom for your company?
Virtual boardrooms serve multiple purposes; they are used for managing board documents, online board meeting management, project management, and simplifying the communication between board members, stakeholders, investors, and other external parties.
It is highly recommended to be sure about why you need this software. Once you are done with that, here are some important aspects to consider.
1. Boardroom security
Virtual boardroom security is as important as the lungs are for the human body. Business spheres love board portals because of their security, so there should be no compromise on security features. For starters, make sure that the vendor you are eyeing is a certified one. Look out for the following certifications:
- FINRA
- SOC2
- ISO 27081/ISO 27001
- SSAE 16
It will be a plus if a vendor has other security certifications. Apart from that, here are some security features your desired boardroom software must have.
- Two-step verification. A necessary feature to keep the virtual boardroom safe from unauthorised users or hackers.
- Remote device purging. It is a relatively new feature that allows you to delete any electronic device logged into your boardroom. You can also delete any boardroom document from the deleted/removed device.
- Data encryption. The virtual board software must allow you to store or exchange data in encrypted form (256-bit encryption is ideal).
- Document access control. The board portal management should be able to control the boardroom users’ access to documents and other files.
- Audit Logs. Audit logs provide all minute-to-major details about any boardroom activity.
2. Online board meeting management tools
It would be hard to believe if a company doesn’t use its board portal for board meetings. Online board meeting management is arguably the biggest selling point of virtual boardrooms. That is why it is important to ensure that your desired board software has all mandatory meeting tools, including:
- Board meeting agenda builder and templates
- Audio and video conferencing tools
- Presenter mode
- Meeting notes builder
- Meeting minutes builder and templates
- Task manager
- Electronic signatures
- Voting tools
- Online polls
If a board portal doesn’t have built-in audio or video calling tools, make sure it supports external app integration. However, be advised that third-party apps can compromise your boardroom security.
3. Simple user interface and dashboard
It is highly likely that your board portal software might be used by external parties for different reasons. You can train your own employees, managers, or directors, but educating temporary outside visitors will be difficult.
However, if your board management software has an easy and user-friendly interface, new users will be able to adjust quickly. They will be able to navigate through the boardroom easily, and a simple yet comprehensive dashboard will allow them to access any feature immediately.
Lastly, a fast and accurate notification feature is necessary to keep every boardroom user updated.
4. Device and operating system support
Every board portal software has a deployment method, but it is not necessary that all the boardrooms are deployable on your company's operating system. For instance, many boardrooms do not support Windows or Linux. Also, a lot of virtual boardrooms are only accessible from desktops or laptops.
It is better to look for a solution that supports commonly used operating systems and is also accessible from mobile phones and tablets.
5. Free trials
What’s better than having a hands-on experience before actually buying a virtual boardroom for your company? Thankfully, many high-end boardroom vendors offer free trials; use your trial period optimally. Look out for different features, ease of use, and customer support service.
5 premium virtual boardrooms in 2022
- Nasdaq Boardvantage
- iDeals Board Portals
- Diligent Boards
- Govenda Boardrooms
- BoardPac
Summing it up
Technology is only useful if it is tailored for your specific needs. It is possible that even a well-known virtual boardroom provider fails to meet your requirements. Therefore, do your research and determine which one suits you. However, make sure you get all the important features (some are mentioned above) in the product you choose.
