Did you know that the global board portal market is projected to reach a whopping $10.4 billion figure by 2026? Yes, it is growing at a much rapid pace. That’s because of the adoption of cloud-based portals by all business entities, including private, public, and nonprofit organizations.
Board management software
The board of directors of the organization requires a lot of collaboration with other team members and staff of the foundation. Also, trustees and directors are often spread out geographically, which in turn is a challenge for a successful collaboration.
Board portal software automates much of the work for you. An online board meeting solution comes with tools that are specifically designed to cater to the needs of board directors. From digital conferencing to voting tools to email and document sharing apps to questionnaire functionalities – the board portal solution has it all covered!
Virtual board software not only ensures good governance but makes communication as unified as possible. Also, paper documentation, such as writing tools, printers, paperclips, papers, photocopiers, etc., costs around $400,000 for an average company. However, the board portal as a paperless meeting solution eliminates paper printing, shipping, and other paper documentation costs.
What are the key challenges faced by the businesses, and how is the board portal helping them?
By now, you would be wondering whether board portals are worth the investment. Let’s consider the reasons your organization might be in dire need of a cloud-based web portal:
Security issues promote the adoption of digital tech
It is of no surprise that security is one of the biggest challenges faced by every business entity because of the spike in the cyber-threat environment. That’s because data breaches and accidental leaks put the reputation of the company at stake.
It’s ironic that most of the communication between the foundation’s trustees and the board of directors takes place outside the secured network of the organization. Confidential information that is usually shared by the phone call or email poses a great threat to security, and that’s why companies are opting for the board portal software to address the issue.
Moreover, the board portal allows the user to create multiple folders within the system and restrict access to certain folders by users so everyone can have their own workplace.
Board portal software impacts efficiency
Keeping with today’s fast-paced work environment isn’t a cup of tea, particularly for the board of directors when they are continuously facing ever-growing demands. But, with the help of the board portal software, they can manage their time effectively as it enables them to access the information 24/7. This means that they can set their own schedule that fits their other work commitments that, in turn, enhance engagement and keep the communication channel open for all.
Regulation and risk fuel the demand of tech-driven portals
The regulatory environment is evolving and continues to become more complex day by day, and the penalties for poor corporate governance and non-compliance are increasing. Hence, comprehending and governing the risk is one of the top priorities of the organization to avoid the bad reputation that comes with the breach.
Hence, organizations that keep an eye for future needs should keep control and high visibility compliance performance to ensure good governance and reduce risk. Often large entities find it hard to monitor and evaluate as they are working with multiple subsidiaries, which further complicates compliance activities. Thus, the board portal enables clear reporting so that everyone can be on the same page.
As a source for entity management, virtual boardroom software helps your company stay updated with the local legislation, so you don’t slip away from compliance. It allows you to deal with real data that help you carry out robust audits.
Board management software creates a professional and intuitive workspace in order that the businesses can be conducted securely, efficiently, and with full visibility of risk, compliance, and governance.
What to look for in board portal software?
Following are the things you need to consider when choosing a virtual boardroom:
- Be clear about the objectives and goals for the paperless meeting solution
- Determine the level of access, such as who will use the board portal and their requirements
- Consider all potential vendors
- Take into account the cost of the solution
- Decide on who will be in charge of the board portal
- Consider who will train the staff members to use the digital tool
- Ask the vendor about how the company can stay up-to-date using the board portal
- Determine return on investment
It may seem a lot to you, but conducting a rigorous evaluation will help you in the long run.
Giants operating in global board portal market
In recent times, companies have started investing in research and development so they can come up with innovative features and get ahead in the game among their competitors. The following is the list of the key players operating in the global board portal software market:
- Diligent Corporation
- Aprio, LLC
- Nasdaq, Inc
- Admincontrol AS
- Azeus Convene
- Diligent Corporation
- Granicus, LLC
The virtual boardroom software market is enjoying unprecedented growth as it has transformed paper-based format to everything digital, from online board meetings to material planning to digital delivery and retrieval. The compound annual growth rate is growing at almost 23% for the health sector alone, which is a decent proof that the global board portal market will continue to flourish.