Secure access to business-related information anytime anywhere is essential to members of the Board of Directors. They need flexible access options: from the office, from home, in-flight, or access from a tablet or smartphone.
Improve Electronic Document Management System with board governance software
The board portal made it possible to accumulate in a single information space the necessary and currently relevant set of options for the work of members of the collegial management bodies of the Company, to automate their work, and also ensured the mobility of participants in the process for making important management decisions.
Communication between members of the board of directors with the board portal is the management of a huge amount of confidential information; this process can be complicated by the fact that board members are located in different parts of the world. These are the difficulties they usually face:
- companies must quickly and safely exchange documents in key areas of activity;
- legal norms are becoming more and more complex;
- e-mail and file-sharing programs do not comply with corporate data protection requirements;
- the risk of data protection breaches is a major compliance issue;
- organizing, printing, and sending packages of documents for meetings, consisting of hundreds of sheets of paper, is time-consuming and expensive.
Besides, you can now buy a smart version of just about any item for board governance. There are smart toasters with individual roasting settings that send you a notification on your phone that breakfast is ready. There are Bluetooth plugs that vibrate when they notice you are eating too fast. And also connected umbrellas that notify their owner that it will rain soon and even “smart” tampons. Many of these gadgets are often not only a waste of money, but also poorly protected from hacking. For example, in 2016, hackers created an army of connected devices that disabled major platforms such as Netflix, Facebook, and Spotify. So think twice before buying any fun smart gadget.
How to Help Board Governance Software to Go Perfectly?
The board governance software will help your organization to work perfectly because it:
- digitalizes communication within your Board of Directors and Executive Management.
- streamlines collaboration within your Board of Directors.
- provides maximum security.
- allows for transparency and control in the Boardroom.
- is available online and offline – anytime, anywhere.
Board governance’s philosophy assumes that plans cannot fully reflect reality and therefore must be constantly updated in accordance with changes in the environment. Indeed, these days, the rapidly obsolescent knowledge puts tremendous pressure on CEOs and boards of directors. CEO tenure is rapidly declining, with activist investors running massive campaigns accusing boards of inaction. Is the principle of “being ready to change over sticking to the original plan” the right answer to these challenges?
A closer look at the campaigns of activist investors and other shareholder initiatives, it becomes clear that the problem is not that companies stick to the plan and ignore the changes around. On the contrary, too many companies do not have a clear plan or are unable to communicate it. Stakeholders want directors to be more engaged, have a clear vision, and communicate more transparently, not vague metaphors and promises to become successful with the board portal. Board portal governance is the basis for defining the company’s goals, determining the means to achieve these goals, and mechanisms for monitoring its activities by shareholders and other interested parties.