Forward-thinking directors started examining ways to take full advantage of technology. The purpose was to increase the effectiveness within companies, starting with Boards. This step took them from ‘electronic board books’, which simply organised meeting documents into one, to the board portals available today. The latter, facilitate the exchange of information and enhance communication among Board Members.
But what exactly is a board portal? A board portal is a web-based, online workspace dedicated to Board Members. It also centralises all Board-related information, including meeting materials, documentation and records. Directors can access materials faster. And administrative staff can prepare Board meetings in less time. It helps make meeting coordination and materials’ management more efficient, reducing time and costs.
Board portals are growing in popularity, with a forecasted penetration of the market from 35.4% in 2015 to 67.6% in 2020 (source: Global Board Portal Market: Trends [&] Opportunities (2016 Edition). And as Boards have different needs and wants, they differ by sector, organisation size, functionality and price. This comes to show that demand adapts to the needs of the market.
Here is a simple example: the challenge of working with a geographically dispersed Boards. Every organisation needs to coordinate the work of many people, regardless of industry.
When directors need to make strategic decisions, the balanced distribution of information is essential. Having full access to important data, in an equal way, makes board portals indispensable tools that bridge the distance and bring Board of Directors together. They help access, review and comment on the materials, and keep the lines of communication open.
You have already identified online tools, and board portals seem to be the solution.
Now it is time to check all options in-depth.
The full article can be read in Corporate Compliance Insights.