Board portal technology allows boards to function more efficiently by enhancing governance processes for companies of all sizes and in all industries. Highly regulated businesses like insurance and healthcare companies utilize board portal solutions to help them meet regulatory requirements while remaining focused on business development. Other kinds of boards, like those for small businesses also benefit from an efficient and effective process for board meetings that can result in enhanced governance and a more productive company.
Using a board of directors management tool can eliminate the need for physical meetings, allowing huge savings. A high-quality portal will also provide the latest tools to collaborate on meeting preparation which will result in time savings and improved meeting efficiency.
The best board portals provide a central hub for board-level documents, allowing to track the progress of actions items and allow board members to post comments and discuss topics online. The discussion on the portal eliminates sensitive information from personal email accounts where it could be easily uncovered or misplaced, and minimizes the risks of accidental sharing of confidential board materials.
It is important to ensure that all stakeholders are included and committed to the development of the new portal. The first step to a successful implementation is identifying at least one or two “board portal champions” within your company and who will help inform stakeholders about the benefits and offer training for the rest of the team. In the beginning, select these individuals and plan training sessions prior the first meeting.
