Board portals are centralized, extremely secure web hubs made to coordinate board-related functions.
Utilizing this technology has definite advantages. Here are the top 5 benefits of purchasing a board portal.
1. Resource Savings That Affect the Business
Making the switch to a “paperless board” not only conserves natural resources but also saves money and streamlines operations. Lower expenses result from eliminating paper and reducing logistics efforts.
Additionally, it might be laborious to prepare, bind, and transport conventional cardboard packages to board members who are spread out geographically. Company secretaries and administrative personnel would be better off using their time on duties that have a bigger organizational impact.
2. Comfort for Board Members
Thanks to “anytime, everywhere” online access to control portals via PCs or network-enabled devices, board members have the freedom to access information using the technologies they currently have access to.
The bother of reading through lengthy emails or stacks of documents with out-of-date information is no longer necessary. Board members can better prepare for meetings, manage duties, and work with other board members when they have immediate access to current information that pertains to them.
3. Security Risk Is Reduced
The average cost of a worldwide info breach is $ 3.86 million, up 6.4% year-on-year. The greater the vulnerability, the higher the financial cost.
Using paper or e-mail to communicate highly sensitive information to board members increases the exposure to this security-sensitive business issue. Lost table packages (or emails addressed to accidental recipients), hacking or phishing scams permeate today’s business risk environment. Investing in a board portal is a proactive approach to protecting sensitive business data from cyberattacks.
Premium desktop portal systems like Boardlogic offer advanced security features including total info encryption and granular security controls. Threats to cyber security are less likely to affect encrypted info. Portal administrators can limit access to sensitive data based on user roles or custom permissions with sophisticated security controls. This makes sure that the right information is only delivered to the target audience.
In addition, the most secure switchboard portal solutions adopt globally accepted, strict security processes and standards.
4. Better Compliance With Regulation and Audit
The control portal ensures that each process is correctly defined and managed, while document paths are tamper-proof, traceable, archived and versioned. This makes internal audits easier and more efficient to carry out. Defective situation can be identified and corrected immediately.
With companies facing significant fines and legal risks for not complying with requirements from various regulatory bodies, a board portal is a wise investment, even if it is only to reduce the risk of that responsibility.
5. Increased Efficiency In Board-Related Tasks
Processes that increase productivity for organizations and their executives are appreciated today—possibly more than ever—in a fast-paced, developing business environment. Board members can utilize their time more effectively thanks to board portal technology.
Easy access to task management, file sharing, historical document access, and personal dashboards is provided from a single central site. By combining this with other standard portal features, you can significantly raise board engagement.