The Ultimate Guide to Board Portal Software [2024]

The Board portal is software for managing corporate governance processes. Board software transforms workflows by digitizing what have traditionally been paper-based corporate governance processes.  Board portal software (also referred to as board management software) features help save time, improve efficiencies, and enhance the effectiveness of meetings, collaboration, and decision-making for boards, committees, and executive leadership teams.

The global Board Portal Software market was valued at US$ million in 2023 and is anticipated to reach US$ million by 2030. The market is growing rapidly because software has fundamentally changed the way board members communicate. Communication was typically paper or fax-based or was done with the help of multiple tools. However, traditional paper processes are too inefficient to stay competitive in the modern world.

Board portal software offers a centralized space for managing a wide range of board-related activities and documents. This software replaces traditional paper-based work and also:

• Improves meeting preparation
• Collects data on board activity
• Simplifies board communication
• Creates an audit trail
• Facilitates better decision-making
• Tuns virtual and hybrid meetings
• Monitors progress on action items

What are the benefits of using board portal software?

Board portal software is designed to support boards, committees, and executive leadership teams, helping them to collaborate more productively and efficiently. Board portal benefits include:

1. Streamlined collaboration. While using a board portal one can add comments and private or shared notes to documents and tag specific users or groups.
    
2. Improved document management. A board portal is a document repository where one can view, share, edit, and search for materials. It is also easy to track any changes made to documents.
    
3. Efficient meeting management. Board meeting software is used to easily create meetings, attach documents, add details, track attendance, and remote meetings.
    
4. Added security. Board management software has multiple layers of security that help to protect data, as well as the availability and confidentiality of such information.
    
5. Enhanced governance. The software supports an enhanced workflow for meeting management, collaboration processes, and operations. It also simplifies stages of the board meeting lifecycle.

Additional note: read about board effectiveness and the ways of its improvement.

Who are the users of board portal software?

Typically company secretaries, legal counsels, the board of directors of organizations, and senior executives are common users of a board portal. They can be grouped into three categories:

1. Company secretaries and general counsel. A board portal can simplify communication and coordination between corporate secretaries, general counsel, and the executive leadership team.
    
2. Directors and executives. With a board of directors portal, directors and executives can collaborate through a centralized messaging system and access information in one place. Using a board of directors software will provide a smooth and secure user experience.
    
3. IT and information security. Board portal software can be used to maintain data security without inhibiting communication and document sharing. Security is among the most important features of the board portal, with the priority of confidential data protection.

What types of organizations can use board portals?

Using virtual board meeting software covers all industries and types of organizations from private/ public companies, and non-profit organizations to educational institutions. Most small and medium-sized enterprises and non-profits are increasingly adopting managing board portal software because of their lowered cost of ownership and the need to comply with data security and regulatory requirements.

What are the main features of a board portal?

The board portal software can easily automate the board meeting lifecycle at various stages. To help save time, manage sensitive data, and streamline collaboration, look for these board portal features:

• High-level security. Security is the key feature of a board portal. Board portal software is designed to be secure. It should have reliable uptime statistics and ensure that the hosting environment meets governance requirements.
   
• Exceptional client support. High-level customer support is an essential feature. The ability to save time for administrators and board members is one of the benefits of board management software. The around-the-clock support team, ready to answer any questions, assures users that productivity won’t be compromised.
   
• Intuitive and easy to use. In intuitive and easy-to-use interface ensures the successful adoption of the technology. Board portals are designed for busy board members and aren’t over-engineered with features that users will not utilize.
   
• Return on investment. Board portal software is an investment. It is important to compare vendor pricing alongside solution offerings. When evaluating board portal pricing across providers, consider the depth of features, security, and service needed.

Tips for choosing the best board portal software

Boards, committees, and leadership teams need to assess their specific needs, current processes, and potential areas for improvement. When choosing which board portal is the best fit for the organization, consider these factors:

1. Security. To reduce risk, a digital board meeting portal should have end-to-end security features and processes, such as customizable end-user permission settings, two-factor authentication capabilities, unique per-customer encryption key, managed and industry-certified data centers, etc.
    
2. Features and functionalities. A board portal should be a great tool to help drive good corporate governance. Various board portal features and functionalities may optimize the organization’s current workflow.
    
3. Potential time and money savings. Leveraging a board portal may free up time to focus on other responsibilities. A board portal may lead to organizational cost savings related to time, labor, and other out-of-pocket expenses. Reviewing board portal pricing ensures that all features and functions are included in the upfront board portal cost, which will save money in the long run.
    
4. Customization. The software should offer a level of flexibility and customization that coordinates with the organization’s needs. The interface may be customized with the organization’s logo and color scheme.
    
5. Adoptability. The provider’s onboarding team helps configure software settings to clients’ preferences, add users, create board and committee group spaces, and provide ongoing education and training.

Board portal software is becoming the primary communication tool between stakeholders. It holds meetings in a secure environment and centralizes all board-related activity in an easily accessible place. Following this guide you can choose the best board portal software for your company’s needs.