Reasons to Embrace a Board of Director's Portal
By Mark Anderson, CEO/CFO | Posted August 8, 2016
It’s pretty easy for IT professionals to appreciate the benefits of a board of director’s portal. But the idea may be harder to sell to most board members, who research indicate have an average age of 60-plus. These baby boomers have historically been less apt to embrace technology. However, studies show that baby boomers are becoming more and more comfortable with technology. They’re also becoming more savvy when it comes to purchasing and using technology.
The key to getting board members to adopt a board of director’s portal is to emphasize the many benefits that paperless board packets can offer. So here are some important reasons why an organization should replace paper-based board materials with a board of director’s portal:
Ease and Convenience
Board portals give directors easy access to board materials anywhere and anytime, including via iPad app. Directors can use their personal computer, tablet or smartphone to view updates to the agenda, schedule, meeting files and other information at their convenience. They can also access corporate policies, procedures, rates, documents and other information to help them get better informed and better prepared for meetings. Plus, directors and committee members can vote on credits and other items between meetings. And each vote is automatically recorded for future reference, so there’s no need to poll members and manually record their votes. Whether they’re in their office, sitting in an airport or working from home, directors can use a board portal to facilitate their duties. And the best part is they don’t have to deal with bulky printed board packets.
Save Time and Money
Using digital board materials can save a significant amount of time and money. For one thing, the board’s secretary doesn’t have to spend countless hours creating, compiling and producing a hard copy of the board books. Paperless board packets can be generated in a fraction of the time--and without any ink, paper or other printing costs. Plus, you also avoid having to mail out board materials, which saves even more time and on postage. A board of director’s portal also saves time for busy directors, who can access documents instantly, instead of waiting for board books to arrive in the mail. Directors make better use of their time during meetings because a portal puts all the information they need right at their fingertips. This can promote more efficient meetings, letting directors use their time for other responsibilities.
A board of director’s portal can make it easier for directors to spend time doing what’s important: analyzing data, asking tough questions, making the right decisions and engaging in effective governance. Directors can access archived documents--including meeting minutes--to review discussions from previous meetings or reference past decisions. This helps directors stay current and well informed, which can lead to more effective decision making and better governance. Plus, directors can collaborate on documents and decisions without having to travel to one place to discuss an upcoming decision or strategy. Whether they’re electing new board members or considering an acquisition, a board portal can help directors spend more time focusing on the needs of their organization.
Lastly, but certainly not least, is the area of security. A board of director’s portal offers a secure environment for accessing board materials and corporate information. Board portals have the latest technology and security to keep sensitive information away from unauthorized individuals either outside or inside the organization. Thanks to security measures like encryption, multi-tier authentication, different access rights and multiple levels of administrator permissions, organizations can be confident knowing their information is safe during transmission and storage. Having a board portal means directors don’t have to hassle with printed packets that could get lost, misplaced or stolen. And even if a director loses a tablet or smartphone with board materials on it, the information can be remotely wiped from the device, so that it doesn’t fall into the wrong hands.
The bottom line is: A board of director’s portal is the ultimate way to give directors more timely, convenient, secure and cost-effective access to their organization’s information. With so many benefits, a board of director’s portal is a no-brainer for directors who want to have a well-governed organization.
|Previously:||Increasing Importance of Security with Employee Portals||Next Up:||Solving the Biggest Problems with Intranets|