Information security is the central aspect of building efficient corporate management. Modern boards use digital board portals implemented into virtual data rooms to organize online meetings and secure real-time collaboration.
The importance of boardroom solutions
In modern conditions, raising corporate governance is one of the most critical factors in developing the domestic economy. A proper corporate governance regime contributes to the effective use of the company’s capital and the accountability of the company’s management bodies and its owners, which, in turn, helps maintain investor confidence, and attract long-term capital, including international investment, to ensure expanded reproduction.
The board of directors in such corporations is a collegiate body which is entrusted with the mission of making management decisions and regulating the activities of the company. It is subordinate to the general meeting of owners who own enterprise shares. Organizing board meetings is an essential workflow in their activity. Today they use unique board portal solutions to manage secure collaboration and ensure a well-protected data repository for electronic documents.
Thus, board management software is a document, knowledge and business process management system. It is a digital platform, more than a finished product, intended for creating distributed archives, maintaining quality standards, managing projects in distributed project groups, organizing corporate records, and dynamically managing the content of corporate intranet portals.
The integration of boardrooms into virtual data rooms
Modern data room vendors integrated board portals into their solutions to make them more versatile and flexible. Here you can read about virtual data room providers that have already introduced such solutions. The most popular are:
The data rooms provide a corporate infrastructure for creating, working together on documents and publishing them. The main capabilities of these systems are similar to systems focused on business processes. However, their distinguishing feature is the method of use and distribution. As a rule, these tools are not oriented to use only in some specific industry or for a narrowly defined task. They are offered and implemented as enterprise-wide technologies available to almost any category of users.
Why do boards choose virtual data rooms and board portals?
Initially, online data rooms were developed as an alternative to physical data rooms for arranging diligence in M&A transactions. Nowadays, virtual data rooms accompany the activities of companies in other areas, from providing information to partners of investment funds to obtaining certificates for medicines, that is, wherever it is necessary to provide convenient temporary access to confidential information to a certain circle of people who may be thousands of kilometres away from each other.
The board of directors have the following requirements for modern virtual data rooms:
- protected data repository;
- a quick exchange of electronic documents;
- tools for protected online collaboration;
- analytics and reports;
- customer support.
To fully exploit the potential for optimizing corporate business processes, it is often necessary to make structural changes, which, as a rule, can only be overcome for additional substantive changes in IT architecture. The main advantage of data room and boardroom solutions is that they are designed on a SaaS model, so companies do not need to develop their infrastructure. The primary purpose of these systems is the automation of office activities, document flow, coordination of users during the implementation of current projects and tracking of their performance.