We’re happy to announce the release of Directorpoint’s new board of directors software video! This short video will give you a sneak peek at some of our features, and show how your board information can be available at the touch of a button.
These days, most boards are making the choice to go paperless. While some opt for centralized communication through the use of board software, others have simply stuck to email for their needs.
In fact, according to a 2014 Thomson-Reuters study, approximately 43% of boards were still emailing their sensitive board documents.
While email prevents added costs to board operations, it also poses many potential downfalls and risks.
Email isn’t secure.
You’ve seen the headlines. Email hacks are a dime a dozen these days. Not long ago, we wrote a blog about the infamous Salesforce leak, which originated with an email from Colin Powell.
Because they sent their board documents via email, their hypothetical plans for 14 different company acquisitions became public knowledge.
As corporate needs and recent cybersecurity issues evolve, new industries and technologies are rising to address those needs. Board portals, board meeting software, board management software: they all refer to a similar group of services. So, what is a board portal?
A board portal is software used by boards of directors, advisory boards, and other leadership teams to securely collaborate and share information.
Board portal features
Board portals are useful for companies and groups in all industries, including financial, government, healthcare, and non-profit organizations. Fundamentally, board portals help your organization’s leaders to communicate securely, access information easily, and make better decisions sooner.
As technology has increased the speed of communication, it has also raised expectations for boards of directors to conduct their business differently. With the rise of cloud technology and digital access to important documents, boards cannot only rely on printed board packets before meetings to stay up to date.
As more and more boards of directors realize the challenges of keeping information updated and accessible, they have turned to board management software to streamline administrative work and help board members find information more easily.
As computer technology gets smaller, faster, and more powerful, professionals are finding themselves with more options for the modern workplace. Specifically, technology companies are developing better tablets which could replace the traditional laptop computer for the professional on the go. So the question becomes, in the tablet vs laptop showdown, which tool is the most effective for meetings?
Boards have always been aware of the importance of emerging technologies and how they can affect industry. Whether it’s cryptocurrency, augmented reality, or cloud storage, directors are expected to understand what’s coming. Plus, they need to project how new technology might affect their company’s operations. They also need to consider the potential to utilize the technology for growth, and much more.
Artificial intelligence isn’t a brand new technology. However, its business-related impact is growing in leaps and bounds. For instance, AI is poised to have a significant influence on how big data is used not only in an internal auditing sense, but also as a decision-making tool for leaders.
Board members and their companies will be able to use AI to examine data and make substantial alterations to customer service. AI allows for constant tailoring and for creating an experience that is unique to each customer or client based on how their data is interpreted by AI systems.
You’ve probably read or heard the word ‘Bitcoin’ more times than you can count over the past year. This ‘cryptocurrency’ is making waves and dominating the headlines because of its use of blockchain technology and its recent boom in value.
But what is a blockchain exactly? According to the authors of Blockchain Revolution, “The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.”
In other words, every time a ‘block’ or transaction is added to the ledger, it becomes a part of the permanent, universal database. Investopedia explains, “The blockchain was designed so these transactions are immutable, meaning they cannot be deleted. The blocks are added through cryptography, ensuring that they remain meddle-proof: The data can be distributed, but not copied.”
The technology was originally invented to handle accounting needs for Bitcoin, but it is already spawning new uses. Banks and major stock exchanges were some of the first entities to recognize the potential of blockchain technology, which is also sometimes referred to as distributed ledger technology (DLT). Nasdaq has been experimenting with DLT since 2015. A writer for the Nasdaq website explains that utilization of blockchain has “the potential to enable stock exchanges to significantly reduce the cost, complexity, and increase the speed of trading and settlement processes in a secure manner.”
More than ever before, boards are faced with the daunting task to ensure their company is protected in the event of an online attack. Just a decade or so ago, boardroom information security questions of digital risk rarely made it into the agenda.
Instead, companies instructed c-suite leaders to deal with the duty of establishing and maintaining cybersecurity standards.
As larger data breaches have wreaked havoc on major organizations, however, board members have begun to recognize their important role in risk management for board information security.
In order to maintain a proactive approach, we recommend that directors ask a lot of questions—these included:
Ideally, every member of your board can be present at each meeting you schedule. Real world responsibilities often get in the way of that goal, though.
Many directors serve on multiple boards, travel for work, or run companies of their own.
In some instances, joining a meeting remotely is the best that can be done. So how do you maximize the experience in order to get the most effective results from remote board meetings?
First, double-check your local laws regarding remote board meetings
Most states in the U.S. allow the practice as long as all members of the board can hear everything that is spoken and respond in real-time.
For others, it’s a determined commitment to keeping overhead costs low. In the meantime, though, useful advances in technology are presenting more and more opportunities for nonprofits to grow and to thrive. It’s important that nonprofit board members be the driving force behind making these changes.
Here are some reasons why we think your organization should take the plunge and invest in its technological infrastructure.
- Spending money helps raise money
Yes, we’ve put a slight spin on an old adage, but we think that it’s an apt one in this instance! We know that in the nonprofit realm there can be a potentially harmful attachment the ability to report astonishingly low overhead costs. Check out this article, which explains a phenomenon called “The Nonprofit Starvation Cycle.” The article reads, “In response to pressure from funders, nonprofits settle into a ‘low pay, make do, and do without’ culture…every aspect of an organization feels the pinch of this culture.”