Board portal technology helps boards to work more efficiently by improving the governance of businesses of all sizes and in all industries. Board portal solutions are employed by companies that are heavily controlled, for example, healthcare and insurance companies, to meet regulatory requirements, while remaining focused on their business. Small business boards as well as other kinds of boards can also benefit from an efficient and smooth board meeting procedures. This can result in better governance and a more productive business.
Utilizing a board management tool reduces the requirement for physical meetings, making for significant cost savings. A good portal will offer advanced tools to collaborate on preparation that will result in reduced time spent and improved meeting efficiency.
The best board portals allow board members to comment on and discuss subjects in digital format. They also monitor the progress of action items. Discussions can be conducted via the portal, which removes sensitive information that may be lost or discovered in personal email accounts. It also minimizes the chance of accidentally sharing confidential board documents.
Involve all stakeholders and committed to the implementation of the new portal. A successful implementation begins by identifying two or three «board portal champions» within your company who can assist in explain the benefits and provide training for the rest of the team. Early in the process, identify these champions and schedule training sessions prior to the first meeting.