Digital applications are essential for the organization as they enable faster, more efficient and more secure online communication. This article will explain how to improve board governance with the help of cloud-based board software.
Digitization as a critical driver for improving corporate governance practices
Digitization is moving so fast that it has become a necessity for companies to take a proactive role in managing their digital transformation. Changing globalization changes the business context in which companies operate and increases regulatory complexity. This dynamic business environment complicates corporate governance processes and poses a challenge for boards and executives who are informed about the risks and opportunities that arise every day. To master digitization, a “digital culture” is needed at all company levels, including top management bodies. However, many board members and supervisory boards are sceptical about their digital transformation. Digital tools, for example, make board management more mobile, collaborative and secure.
The corporate governance strategy aims to increase profitability, transparency and efficiency, identify and mitigate risk, and keep shareholders’ interests secure through the skills and composition of the board of directors. On the other hand, data security is one of the most important pillars of corporate governance. Data leakage can lead to losing confidence in an organization’s ability to keep information safe and secure. Although digitization increases a company’s processes’ efficiency, it also brings new security risks. Therefore, modern companies look for new ways to organize secure data exchange. Any tool must be highly safe and protected against external cyberattacks and unauthorized access. In this case, board management software is the most suitable alternative. Automating workflow processes with the help of the board portal provides centralized storage, management and processing of the organization’s documents and other corporate data.
Board software: benefits of digitized corporate governance
The board software is a full-fledged corporate portal that not only allows you to organize the storage of documents in storages with access separation by groups of rights, keep a history of changes, store versions of documents and automate business approval processes but also offers a unified social environment for intra-corporate communications and collaboration.
According to More at https://boardsoftware.net/pricing/, the software’s price depends on the number of users and its additional functions. The board management software offers the following standard functions for executives:
- organization of a single information space for working with documents;
- automated generation of all necessary documents (agenda, minutes, resolutions) for board meetings;
- organization of a single (or coordinated distributed) base of document information, registers and libraries to prevent the possibility of duplication of documents;
- providing intelligent mechanisms and tools for efficient document search;
- collaborative work on documents with the possibility of parallel execution of operations, as a result, reducing the time of movement of documents and increasing the efficiency of their processing and preparation;
- organization and control of cycles of work with documents (workflow) – support of business processes, routing of information content, assignment and distribution of work tasks by performers, control of the implementation of business processes;
- reporting on various statuses and attributes for making operational management decisions.
Each document in the board software has a set of details that uniquely characterize it (often, this set is called a document card). The card may include the document type (for example, budget), the author’s name, the creation and modification dates, the department where the document should be stored, and much more. Storage and search of documents are also carried out following the details specified in the card.