Recent advances in technology have sparked a seismic shift in how companies operate and communicate. At the boardroom level, paper systems are drifting out and being replaced with upgraded tools and processes that streamline board activities.
You may be struggling to pinpoint the true benefits a board portal may bring to your organization, or you may have some assumptions about the technology that is inhibiting you from looking into a solution further.
This checklist spotlights some of the most common myths about digitizing the boardroom, and will illustrate the ways board portal technology can streamline information sharing and accelerate collaboration.
Myth #1 Board portals are only useful for meetings.
Meeting-related activities, such as the development of digital board books, online agendas and meeting minutes, can be assembled through board portals. These tasks, however, are merely a sample of the potential that portal technology holds for today’s boards. Well-designed board portals allow board members to communicate between meetings, share and edit documents, carry out surveys, review upcoming events and schedule meetings for committees.
Myth #2 Digitized boardrooms present security risks.
Paper documents can get lost or left behind, leaving sensitive or proprietary information up for grabs. Even apps and digital tools like email present their risks, opening board members to a slew of malicious third parties and cyber threats. Board portals, however, provide a secure, centralized space to store documents. Permission settings can be added to control who has access to certain files.
Board members may choose to discard materials and notes remotely, providing an additional layer of security.
Myth #3 Board portals are difficult to implement.
Organizations can take steps to make it easy for board members to adopt board portal technology. iPads, which are the preferred device for board portal technology, can be distributed to board members who do not have one or need a current model. Training sessions quickly provide the information needed to start using the software. Best-in-class solutions are designed to have a streamlined and intuitive user interface, so board members who use the portal to communicate frequently will become familiar with the software quickly.
Myth #4 Digital tools don’t alleviate compliance concerns.
Board portals offer tools to gather conflict of interest statements, eSignatures, D&O questionnaires and online votes. Carrying out these activities in the secure portal reduces risk and also streamlines the processes, thereby increasing data integrity for an organization.
Myth #5 Digitized boardrooms don’t save directors time.
Board directors can regain valuable hours by using board portals. Since all key documents are stored in one place, directors simply access what they need to see, make changes that are immediately noted and look at materials to prepare for the next meeting. This enables directors to focus on their core duties during meetings, including financial oversight and risk management.
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