Board portal technology helps boards to work more efficiently by enhancing the governance of businesses of all sizes and industries. Businesses that are heavily regulated like insurance and healthcare companies make use of board portals to assist them in meeting the requirements of regulatory agencies while focusing on business development. Other kinds of boards, such as those for small businesses benefit from a streamlined and effective process for board meetings which can result in better governance and a more efficient company.
Utilizing a board of director management tool eliminates the need for physical meetings, which makes significant savings in costs. Furthermore, a high-end board portal will provide the latest tools for collaborative planning and a time-saving result and improved efficiency of meetings.
The most effective board portals let board members comment on and discuss subjects in an electronic format. They also monitor the progress of action items. Having this discussion in the portal removes sensitive information from personal email accounts where it can be easily discovered or lost, and reduces the risks of accidental sharing of confidential documents for the board.
Everyone involved should be engaged and committed to the implementation of the new portal. To ensure an effective implementation, find at least one or more “board portal ambassadors” in your organization who can help explain the benefits to everyone else in the organization and offer training. In the beginning, identify these individuals and schedule training sessions prior the first meeting.