The Board Portal has entered the board room
– even in SMEs
The digital revolution has changed how we communicate and interact – even in the board room. The solution that enables this is called a Board Portal.
The Board Portal has now found its way into most stock-exchange-listed companies and increasingly more SMEs are also discovering the benefits of effective digital support for board work.
There’s a mature market for new solutions
Admincontrol’s CEO, Christian Petersen, has also noticed that increasing numbers of SMEs are using Board Portals.
People generally don’t like change and are wary of making their job more complicated by switching to a digital platform. But the truth is that a Board Portal is very easy to use and actually saves you a lot of time. In our experience, customers get up to speed with the solution really quickly and get huge value out of it. It is also refreshing to see a rising trend of SMEs using board portals. It is now obvious that the market for this kind of solution is starting to mature.CEO at Admincontrol, Christian Petersen
He points out that SMEs often have fewer admin staff to assist in preparing meetings, printing documents and so forth, which makes it even more important to make full use of the resources available.
The board portal is valuable in companies of all sizes
All types of companies need to work nimbly and efficiently – whether they are private or public, large or small. Processes and routines for calling and holding board meetings as well as post-meeting activities can be easily facilitated with the portal. Some Admincontrol users have reported that the preparation and distribution of board documents has been cut from 8 hours to 30 minutes after switching to the Admincontrol Board Portal.
Petersen points out that the use of technology in the board room also improves security for both management and the board members. A board portal also gives board members and executive management the ability to communicate and share documents relating to business-critical issues – even outside of board meetings.
“In October 2017, Admincontrol was acquired by Visma, which will result in a boost to Admincontrol’s product development going forward. The focus on doing more for smaller enterprises will become even more important with Visma as the owner. It’s clear that the board portal is suitable for companies of different sizes and this is something we want to develop further”, asserts Petersen.
Five reasons why the board portal is valuable in companies of all sizes:
1) Time saving: Less time wasted on administrative tasks
It can be quite a job to distribute documents to the board members by e-mail or letter post. Switching to a board portal offers your business substantial time savings. The board members receive all board-work documents in one place and save wasting time searching for documents in e-mails and folders.
2) Efficient: Work more efficiently with a board portal
The benefits of implementing a board portal are evident before, during and after the board meetings. Board members can use the portal to create and share notes, vote on important issues and access the historical archive. The minutes can be signed electronically after the board meeting, and they can be stored in digital format. The documents are always available, online and offline, in a secure, user-friendly solution, via a browser or app. The board members’ and the management’s time is freed up.
3) Secure: Collaboration and sharing of documents on a secure platform
Distribution of board documents via e-mail or courier may meaning losing control of your most sensitive documents. You cannot verify that the board papers actually reach your board members, and you do not know what happens to the documents after they have reached their intended recipients. With a board portal, you have full control of the distribution process. Everything takes place on a secure, encrypted platform, accessible only to the users you invite.
4) Environmentally friendly: Paperless meetings and processes are environmentally friendly
Just picture the stack of case papers resulting from a board meeting, multiplied by the number of board members, and then by the number of meetings in a year. There’s no doubt that switching to a paperless board is a good eco-initiative.
5) Helps to prepare for the GDPR
The new EU General Data Protection Regulation comes into effect in May 2018. In practice, this will mean new obligations for companies, and new rights for citizens whose data are collected. This process will involve much new legislation on the processing and storage of personal data as well as formal documents. In addressing this, it will give corporate executives peace of mind to have a secure toolbox in the form of a board portal.
The conclusion is clear: a board portal is relevant and valuable for companies of all sizes!