A leader leading from the front sets the tone for the rest of the crew. That is why the senior management (board of directors) in a credit union or any other organisation holds the key to developing a positive and influential organisational culture.
Continuing that point, it is also important for the organisation to facilitate and unite the board members at all levels. One virtual solution that has gained immense popularity in organisations is board management software. It allows board members to coordinate and communicate with utter ease.
So, what is board software, and why are credit unions shifting to digital board management tools? Here are all the answers you are looking for.
What is board portal software?
A board portal software, also known as board of directors software, is simply a virtual space where the board members can easily collaborate, communicate, and share data in a highly secure environment. “Highly secure environment” means that only the authorised board members can participate in the activities in the virtual boardroom. That also means that everything discussed in the board portal will remain confidential, and the information will be disseminated to concerned individuals only.
Boardroom software is handy in so many ways; here are some of them.
- The board portal provides a platform where board members can easily communicate with each other. It is a highly secure and fully controlled platform where users don’t have to worry about data breaches and leaks.
- Virtual boardroom software allows the board members to share, download, view, or edit any document depending on their authority.
- The board portal software is very effective in streamlining most of the activities related to the board, such as meeting preparations, circulating and adopting action plans, distributing minutes of meetings, etc.
Benefits of board portal software for credit unions
Boardroom solutions are the present and the future of effective governance. They are simply the most complete solutions for document management, board meetings, data sharing, compliance, and whatnot, says Nicholas Cooper, Business Risk Consultant.
Boardroom software is indeed a comprehensive solution, and here are the benefits of board management software for credit unions.
1. Improves the governance process
Board members are always under tight scrutiny, pressure, and a lot of expectations. You surely don’t want your board members to be hustling to receive the courier or mailed version of their board book. Board portals that your board members are receiving important documents, alerts, and notifications timely.
Instant access to board material is not only important for regular tasks but also a necessity during board meetings. The software also provides multiple collaboration tools for internal and external communication.
2. Security
One of the biggest reasons for using a board portal software is to ensure the security of confidential or important data related to the organisation. That is why organisations switch from paper-based archives to online tools. Virtual boardroom software is a safe and secure online repository to store board books and other material related to the board.
A high-end boardroom solution secures sensitive data through features like multi-factor authorisation, 256-bit encryption, and granular access permissions. These solutions are mostly ISO-compliant, which makes them trustworthy solutions as per international standards.
3. Cost-effectiveness
Let’s talk about the expenses an organisation has to incur for the board activities. We are not digging deeper, but just highlighting general costs, such as the costs of those monthly paper books. These costs further include compiling, printing, binding, and distribution expenses.
Is that it? No, you have to consider the “inevitable addendum,” and that includes recompiling, re-printing, re-binding, and then re-distribution charges. The board portal software can significantly minimise these expenses. What’s more, the board members won’t have to travel for onsite board meetings as well, which further reduces board expenses.
4. Ease of Use
If your board members are already familiar with this new tech, things will be a lot easier for you. Even if the board members are not tech-savvy, getting used to board meeting software won’t take long.
Board portals come with user-intuitive interfaces that make it easy to navigate these tools. Board portals also shorten data upload and search processes through features like drag-and-drop and full-text search.
5. Compatible with iPad and other portable devices
If there is any device that has impacted the emergence of board portal software, then the iPad is surely that device. Directors love using iPads because they are easy to use and are compatible with boardroom technology.
- Pro-tip: Generally, the board portal vendors allow the users to access the board material through the iPad browser, which can be inconvenient for the board members. Choose a service provider that offers a dedicated iPad app for the directors to access the board room easily.
Conclusion
Board portals are the go-to solutions for modern-day corporate governance. Using virtual boardrooms for credit unions ensures better compliance with regulatory standards and improves the governance process.
Board portal technology is also a cost-effective option in multiple ways. It eliminates or greatly reduces the expenses related to paper and printing. Most importantly, it saves time for board members and increases their productivity. Last but not least, they are easy to use, which makes them a preferred choice for credit unions and other organisations.
