Boosting Efficiency with a Board of Director's Portal
By Mark Anderson, CEO/CFO | Posted October 3, 2016
In today’s busy world, we’re always looking for ways to stretch our time. To do more with less. To maximize our results with the least amount of effort.
Company board members are no different. That’s why you should take advantage of a board of director’s portal for your organization. A board portal can help director’s operate more efficiently, so they can take care of their responsibilities with the least amount of time, effort—and expense to the company.
When I think of efficiency, I think of saving time, effort, energy, materials and money. But people often equate efficiency with effectiveness and productivity. Regardless how you define the concept, a board of director’s portal is the ideal tool for boosting your board’s efficiency.
A board of director’s portal provides secure electronic environment where directors can get the information they need to fulfill their governance duties. A board portal offers instant access board materials, policies/procedures and other important corporate information that can increase the effectiveness of board meetings. It also allows directors to handle a number of tasks that can save them a significant amount of time and effort. Plus, a portal is accessible through any web browser or an iPad app, so directors can view information anytime without having to wait to receive board packets in the mail.
Saving Time and Effort
Think about all the effort that goes into preparing packets for traditional board meetings. Board secretaries have to assemble, print and mail out board packets with hundreds of pages. Directors have to receive the information in time to review it and prepare for the upcoming meeting. And if any board documents need to be updated, it can be quite an ordeal. The updates have to be sent by courier to ensure all directors have the same version of the information before the meeting. This process can be a logistical challenge because board members may be geographically scattered around the country or world.
A board of director’s portal can save time and effort for everyone. With a board portal, all meeting-related materials—including updates—are provided digitally in a central location. In fact, board secretaries can prepare and upload an electronic packet for review, comment and approval within minutes, rather than spending countless hours creating and mailing printed information. So instead of wasting time with bulky, heavy board packets, directors can use a board portal to gain convenient access to board materials and other information. They can log in and quickly get the information they need all in one convenient place.
Directors and committee members can use a board portal for various activities. For instance, they can vote on credits and other items between meetings. And each vote is automatically recorded for future reference, so there’s no need to spend time surveying members and manually recording their votes. Directors can easily review archived discussions and decisions from previous meeting, as well as meeting minutes, which can help them have more effective meetings.
Directors can also boost efficiency by using a board portal for communication and collaboration. They can collaborate on the same documents at the same time no matter where they are physically located. So they don’t have to spend time traveling to one place just to discuss upcoming decisions or strategies. This frees up more of their time to focus on the needs of their organization.
Saving Materials, Money and Other Resources
Because a board of director’s portal makes hardcopy packets unnecessary, you can avoid the expense of having to produce, print and mail board materials. This saves a considerable amount of ink, paper and other resources.
The actual cost savings from using a board of director’s portal depends on the organization, of course. But in general, there are significant cost savings relating paper, ink, postage, staff time and travel time (from directors not having to hold side meetings).
Efficiency Enhances Interaction and Decision Making
Having web-based access to board materials not only saves time, effort and other resources, but it encourages directors to communicate and collaborate more effectively. It facilitates interaction between board members before, during and after meetings.
Because a board of director’s portal lets users quickly get the information they need, it makes it easier for board members to prepare for and participate in meetings. They can access and comment on board materials, as well as view committee meeting minutes and calendars on their laptop, smartphone or tablet. And because a portal provides access to the organization’s most up-to-date and accurate information, directors can be better equipped to make critical decisions. Whether they’re launching a new product, electing a new board member or acquiring a competitor, a board portal can boost directors’ efficiency, so they have more time to focus on the important issues at hand.
I encourage you to leverage the benefits of a board of director’s portal to improve efficiency of your board and organization.
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