Why a Board of Directors Portal Is the Ultimate Resource
By Mark Anderson, CEO/CFO | Posted October 23, 2017
A board of director’s portal can be the ultimate resource for companies that are looking to make it easier for board members to perform their duties. There are many reasons why, but I’ll discuss four key areas that make a board of director’s portal the ideal tool for almost any organization. I’ll also add some insights to highlight the importance of a board portal and the overall positive impact it can have on different users.
1. Provides Easy Access to Information
A board of director’s portal makes it easy for board members to access to materials for meetings online. They can instantly view the agenda, schedules and other files digitally instead of waiting for hardcopies to come in the mail. They can also use their board of director’s portal to review other important details, including policies/procedures, products/services, rates, company news and industry news.
Having immediate access to board packets and corporate information online gives directors added flexibility and capabilities. They can review all kinds of meeting-related and corporate information whenever and wherever they want. That also means they can get informed, communicate and collaborate anytime— regardless where they’re located. Directors don’t have to be face to face to be able to review and discuss important documents. So they can hold a discussion about an important topic without having to spend money or time traveling for an in-person meeting.
2. Reduces Production, Printing and Postage Costs
Because a board of director’s portal provides digital access to board packets and other pertinent information, it saves money and other resources. Directors can view the information they need online, which means board secretaries don’t have to waste time printing out and mailing bulky board packs. Not only that, secretaries can compile and upload an electronic board packet in a fraction of the time it takes to create and distribute hardcopies.
Using a board of director’s portal also has a positive impact on the environmental. Having digital board packets saves trees—and that can be good for the ozone layer. Plus, using a board portal means creating less paper to be disposed of in landfills.
3. Saves Time and Enhances Efficiency
Besides increasing the availability of information and saving money, a board of director’s portal also saves time. Instead of waiting for board packets to arrive by mail or courier, directors can quickly view the information they need through the portal. They can preview information prior to meetings, which can enhance their level of preparation and reduce the amount of time they need to spend when they assemble.
A board of director’s portal also has many features that can make directors operate more efficiently. For example, it lets directors include individual annotations, notes, bookmarks and highlights on their digital meeting materials. They can also electronically accept policies and procedures, which simplifies these tasks. A board of director’s portal also enables board members to vote on credits and other items, recording their votes automatically.
4. Facilitates Governance
Regulatory compliance is perhaps one of the most challenging and important requirements of any organization. Because of this, directors have to be extremely diligent about fulfilling their governance role. A board of director’s portal can facilitate governance in a multiple ways.
For instance, due to its electronic nature, a board of director’s portal makes it easier for directors to make better-informed decisions for the benefit of their organization. They can communicate and strategize in real time before, during and after meetings to facilitate their efforts. This can result in more collaboration, more productive meetings, and better decision making and board governance.
Obviously, a board of director’s portal is a powerful tool on many different levels. And it can be a helpful resource for organizations of all types, sizes and industries.
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