Virtual Board meetings manage risk and increase efficiency of board governance
The pandemic revealed the value of remote alternatives for the workplace, demonstrating the efficiency and convenience of hosting meetings in a digital environment.
This has resulted in a workplace trend which is seeing board meetings relocating to a virtual setting where factors such as accessibility and flexibility mean that directors are no longer restricted or limited by their location.
In fact, the very nature of board meetings both in terms of administration, organisation and the dependable distribution of information, lends itself to the benefits of a paperless, streamlined
As a result, we are seeing an increased adoption of board meetings using a secure online platform as both a repository and a channel to facilitate safe distribution of confidential meeting documents.
Time and cost efficiency
In a world where it is crucial to maximise time, reducing additional travelling time has become a distinct advantage.
Moreover, boardroom facilitation in a digital setting provides an economical alternative, enabling an organisation to reduce spending costs. An online option such as BoardCloud facilitates centralised management of all documents, enabling directors, wherever they may be located, to easily access the meeting information.
This removes expenses such as having to fly directors over long distances and providing the necessary accommodation and entertainment as well as the costs associated with providing the
necessary boardroom equipment.
Furthermore, the digital environment is ideal for monitoring documents and enhancing member communications. The virtual setting enables up to date information about meeting materials, digital agendas, recordings and chat logs, reducing the possibility of miscommunication.
Online meetings simplify recordings of all decisions made during the board meeting, making it easy to accurately keep track of all details from who voted to changes made to the documents.
Privacy and security
Due to the sensitive nature of the meeting documents, virtual meetings use a multi layered security with authorization privileges built into the software. State of the art security features protect the confidentiality of all documents. Elements such as encryption and secure cloud storage are further enhanced by backend security measures to ensure the safeguarding of company information.
This establishes efficient online organisation of the board meeting in a safe, secure environment with privacy as a critical focus.
Hosting board meetings in the virtual space reduces a lot of administrative work associated with traditional in person meetings. Instead of having to print all the necessary documents required
for the meeting, all information is available on one centralised platform. This facilitates ease of access, where attendees can receive the documents without having to leave their chair (or their home), making the process more efficient while providing the relevant documents to support the decision-making process.
Moreover, there is also an environmental benefit to reducing paper consumption by removing print costs which in turn further streamlines company expenses.
Welcome to the virtual boardroom
In a world where time has become a scarce commodity, the virtual environment offers a safe, simplified and efficient solution. This in turn is transforming how boards work with virtual alternatives such as BoardCloud providing the necessary tools to support board members to collaborate in a secure environment, ensuring the smooth running of your board committee in service to effective board governance of your organisation.