What Is a Board Portal? Everything You Need to Know

In today’s fast-paced business landscape, organizations strive to maximize the effectiveness of their board operations. One key tool in achieving this is the utilization of board portals. This digital software has revolutionized board management by streamlining communication and ensuring secure access to critical information.

According to GII Research, the global board portal software market size is expected to reach USD 9.4 billion by 2026, at a CAGR of 16.5% during the 2021 to 2026 forecast period. The report found that the rapid demand for board portals is propelled by efforts to develop communications systems and the increasing adoption of cloud-based technology integration.

In the next sections, you will learn more about how board management portals can empower future-forward businesses of today.

What is a Board Portal?

A board portal is a digital platform that allows board members and executives to hold meetings, access documents securely, communicate, and collaborate. It replaces paper-based practices with efficient and secure digital solutions.
Such a platform offers features like secure document sharing, voting, annotation tools, meeting scheduling, and real-time updates. They create a secure space for board discussions, enabling directors to make informed decisions and engage in strategic conversations.

Who are the primary users of a board portal?

Directors and Executives

Directors and executives are the main users of board portals. They use these platforms to access confidential materials, join discussions, give input, and vote on important matters. Board management portals provide a secure and convenient way for directors to stay updated, engage in discussions, and make informed decisions. They offer flexibility and accessibility, enabling contributions from board members regardless of their location.

Board Administrators and Company Secretaries

Board administrators and company secretaries are key in managing board operations and facilitating communication among members. They organize meetings, prepare agendas, distribute materials, and ensure compliance with regulations. Board portals simplify their work with centralized document management, automated notifications, and improved collaboration features.

Industries and Sectors Using Board Portals

It comes as no surprise how board portals have become a critical tool for many companies today. In fact, the industry size of board portal was over $5 billion in 2023, with its market size expected to cross $34 billion by the end of 2036. Nonetheless, their benefits extend across various industries, particularly when it comes to improving governance and efficiency.

Publicly traded companies

One industry that greatly benefits from board portals is publicly traded companies. Operating in a highly regulated environment, such companies leverage board portals to ensure compliance with mandates like the Sarbanes-Oxley Act (SOX). They particularly take advantage of features such as secure document storage with audit trails, e-signatures, and automated retention policies for sensitive documents. This proves valuable as research suggests that document issues such as organization and retrieval lead to 21.3% productivity loss.

Publicly traded companies also leverage board portals for real-time collaboration on complex financial documents, such as:

• Mergers and acquisitions (M&A) proposals: Require features for detailed financial projections and risk assessments.
• Quarterly and annual reports: Utilize interactive charts and graphs for enhanced data visualization.
• Executive compensation plans: Need secure access controls for confidential information.

Financial Institutions

Research suggests that the financial services sector is one of the largest end users of board portal services. For one, banks and credit unions leverage such tools to protect sensitive financial data (e.g. for loan default strategy, customer data breach response plan) using features like two-factor authentication, data encryption, and user permission controls.

In addition, such sector uses board portals to simplify their audit process. They upload loan applications, board meeting minutes on loan approvals, and regulatory compliance reports — all accessible in one place. Hence, reducing audit risks and unauthorized document access.

Nonprofit organizations and associations

Much like in other industries, transparency holds great significance for nonprofit organizations. By adopting nonprofit board management software, these associations can ensure transparency and accountability at the same time. They use board portals for:

• Grant proposal review: Using the portal’s secure folders for sharing grant proposals, promoting confidentiality and a fair selection process.
• Donor communication: Utilizing the board portals for nonprofits to communicate with donors, from addressing their concerns to sharing impact statements regarding their contributions. This is ideal for managing monthly recurring programs, wherein regular donors are reported to give 42% more than one-time donors.
• Disaster relief response documentation: Using board portals for nonprofits to securely share situation reports, fund allocation details, and disaster communication plans.
• Committee collaboration: Creates dedicated document repositories for each committee, and uses audit trails to track community activity.

Government bodies and agencies

Operating under a high degree of public scrutiny, great transparency and governance are expected from government bodies and agencies. In particular, these organizations leverage board portal software for :

• National security briefings: Sharing national security threats and intelligence reports and securing annotations from authorized personnel.
• Grant approval process: Grant applications, eligibility checks, and communication with applications are conducted electronically within the platform.
• Freedom of Information (FOI) request management: Government agencies are obligated to promptly respond to FOI requests, and board portals make it easier to redact the documents digitally — plus, categorize and tag them for easy search and retrieval based on FOI requests.

In fact, the United States Department of Justice reported over 1.1 million FOI requests in FY 2023. Board portals with centralized document repositories and redaction capabilities can improve the efficiency of government agencies in responding to these requests.

Educational institutions

Educational institutions these days are expected to invest in technological integration — not only to improve efficiency but also learning experience of students. Universities and colleges deal with tons of comprehensive tasks, for which a board portal is useful. Some examples are:

• Research grant management: Using a portal’s central repository allows faculties to upload draft proposals and streamline internal approvals by department heads and research deans.
• Faculty tenure review: Tenure review requires a rigorous assessment of the faculty member’s teaching and service contributions. Universities use board portals to create secure candidate folders housing teaching evaluations and peer review reports. Reviews also use annotation tools to provide feedback on such documents.
• Online curriculum development: Modern curriculum development typically involves input from faculty across disciplines and sometimes even international partners. Institutions leverage board portals for real-time co-authoring and online collaboration.

Apart from these, colleges and universities use board portals for financial tracking and reporting, compliance monitoring, resource allocation, and even centralization of emergency response plans.

Healthcare organizations

Healthcare organizations operate in a complex web of patient privacy regulations and data security concerns. Board portals, on the other hand, are their allies in ensuring patient data protection and maintaining governance. The healthcare sector particularly uses such software for:

• Clinical trial protocols: Utilizing the portal’s access controls and encryption features to protect confidential patient data. Also, analyze the uploaded data on key performance metrics (e.g. treatment effectiveness, side effects) to gain insights into trial progress.
• HIPAA compliance monitoring: Using a centralized repository to house policy documents for Health Insurance Portability and Accountability Act (HIPAA) compliance, as well as track access, modifications, and deletions of other related documents.
• Physician peer review: The platform can also be used to facilitate anonymized patient charts, physician performance evaluations, and peer feedback documents.
• Telehealth expansion: Telehealth adoption is rapidly transforming healthcare delivery — with its global market expected to hit $185.5 billion by 2026. Board portals can facilitate collaboration on telehealth expansion strategies, from cost-benefit analysis to security assessments for proposed telehealth platforms.

Startups

Early-stage startups operate using limited resources, with a failure rate of 90%. To better attract investors and secure funding, many of these companies use board of directors software in such a crucial growth phase. Startups typically employ a board of directors software for:

• Investor pitch deck: Store all versions of the pitch deck, access the latest iteration, and enable collaborative editing for founders and key team members.
• Seed funding: Keep confidential financial projections and investment memoirs for seed investors, and get them to electronically sign term sheets or investment agreements within the portal.
• Competitive intelligence: Utilize the platform to perform competitor analysis and store confidential market research reports.

Top Benefits of Board Portal

Improving board operations has never been easier with board of directors portal. This tool provides a centralized platform that streamlines collaboration for directors and committees, and makes it easier for administrators and corporate secretaries to manage meetings. Below are some of the benefits of board management portals.

• Improved communication — Allows directors to easily share information, collaborate, and communicate in real-time from any location, using any device. This prevents misunderstandings and allows board members to make informed decisions quickly.
• Enhanced security — Secures sensitive data from unauthorized access, hacking, or data breaches. Reliable software providers implement various security measures, such as encryption, firewalls, two-factor authentication, and data backup. Hence, ensuring compliance with data privacy laws.
• Increased productivity — Enables quick access to data and reports for increased board collaboration and productivity, as well as driving better decisions and outcomes.
• Better decision-making — Gives board members easy access to the latest reports, data analysis, and communication tools, which is critical for making informed decisions that align with the company’s strategic goals.
• Reduced costs — Eliminates the need for multiple software solutions when handling tasks such as document management, communication, voting, and reporting.
• Better governance — Allows users to track and manage their activities, monitor compliance requirements, and ensure best practices.

Common Challenges in Adopting Board Portal Software

Before companies can benefit from board portals, it’s first important to ensure successful adoption. The catch is that the path to adoption is not always paved with ease. Below are some key challenges in adopting a board portal:

1. Security concerns — Boards might be hesitant to trust confidential company data to a digital platform. That said, opt for board portal software with credible security features like encryption, two-factor authentication, and access controls. Independent security audits and certifications can also provide peace of mind.
2. Cost considerations — The upfront cost of a board portal subscription often seems like a hurdle for some companies. However, such tools can actually provide long-term benefits like saving on printing, postage, and admin costs. Many vendors also offer tiered pricing plans to fit different budgets and board sizes.
3. Resistance to change — Some board members are accustomed to paper-based materials, making them reluctant to learn a new system. This is why it’s ideal to choose a board portal with an intuitive interface and invest in user training to ensure a smooth transition.
4. Governance and compliance issues — Organizations often worry that board portals could introduce new compliance risks and make it difficult to maintain good governance. For such reason, the board portal must offer features that support good governance and data privacy. These include audit trails, secure communication tools, and role-based permissions.
5. Accessibility, training, and technical support — Board members with limited technical expertise are usually concerned about using the board portals. Ideally, it’s best to opt for a vendor with reliable customer support and readily available training resources. It should also be accessible on various devices (laptops, tablets) to cater to different user preferences.

Use Cases for Board Portal Software

Now that you know what is a board portal and the benefits it offers, it’s time to understand how these are used in different areas. In this section, we will explore the different use cases of board portals across organizations.

Board Meetings and Communication

Online board meeting software can streamline the entire process of meetings and communication by providing a centralized platform. This is where directors can typically access all the necessary information and board documents. Such software also allows easier review of meeting agendas, minutes, and reports online before the meeting takes place.

During the meeting, directors can view and annotate documents, collaborate on tasks and action items, and communicate with each other in real-time. Board portals also provide secure messaging and notifications, ensuring that important information is shared and acted upon in a timely manner.

Document Management and Sharing

Next, board portals can be used to securely manage and share documents related to board and committee work. These tools also provide version control and audit trails, ensuring that the most up-to-date versions of documents are always available and that changes are tracked and recorded.

Online board portals also allow the sharing of documents with external stakeholders (e.g. auditors, investors), while maintaining strict security and confidentiality measures. With the right board portal, organizations can greatly enhance their document management process — may it be for the board or committee work.

Strategic Planning and Performance Monitoring

Lastly, board portals are used to support strategic planning and performance monitoring activities. They can store every data that directors need to access or review, including key performance indicators, operational data, and financial reports. And with its all-in-one capability, directors can collaborate and make decisions using the same tool.

Many board portals can provide real-time performance monitoring and reporting. This enables directors to track progress against goals and make informed decisions based on current data.

Board portal software proves to be a useful tool for organizations, from optimizing board processes to managing documents. But to find the best one that suits your needs, find out below what board portal features you should look for.

Features to Look for in a Board Portal Software

Each board of directors portal is created with unique functionalities and comes at different pricing points. This, however, makes it difficult for organizations to narrow down their options. To help, we’ve listed some of the best portal features that you should look for.

1. Meeting management

• Scheduling and calendar integration: The board software allows users to schedule meetings, send out invitations, and integrate with popular calendar platforms for seamless coordination.
• Agenda creation and distribution: Users can create meeting agendas, add relevant documents or topics, and distribute them to participants before the meeting.
• Meeting minutes and note-taking: The software enables participants to take notes during meetings and automatically generates comprehensive meeting minutes for reference.
• Action item tracking: Board members can track and assign action items, set deadlines, and monitor progress to ensure accountability.

2. Document sharing

• Centralized document repository: The software provides a secure and organized location for storing board-related documents, such as meeting minutes, financial reports, and strategic plans.
• Version control and document history: Users can maintain different versions of documents, track changes, and access the history of revisions for easy reference and collaboration.
• Secure file sharing: The software allows board members to securely share documents with one another, ensuring confidentiality and data integrity.
• Offline access and synchronization: Users can access documents offline and synchronize changes when they regain an internet connection.

3. Collaboration tools

• Discussion forums and chat: The software offers discussion forums or chat features where board members can engage in real-time or asynchronous discussions, share ideas, and seek clarification.
• Task management and assignment: Board members can create and assign tasks, set priorities, and track progress, fostering collaboration and accountability among the team.
• Notifications and alerts: The software sends notifications and alerts to keep board members informed about updates, deadlines, or any other important information.
• Document annotation and collaboration: Users can annotate documents, make comments, and collaborate on them simultaneously, promoting efficient collaboration and decision-making.

4. Voting and decision-making

• Electronic voting: The board software allows participants to vote on agenda items, resolutions, or decisions electronically, eliminating the need for manual voting processes.
• Digital signature: This feature enables directors to electronically sign important documents such as meeting minutes and resolutions, streamlining the signing process.
• Quorum tracking: The software keeps track of the number of participants required for a valid decision or vote, preventing any unauthorized decision-making.
• Decision recording: A board management software records and documents the outcomes of votes and decisions, making it easy to review and reference past decisions.

5. Reporting and analytics

• Customizable reports: The software enables users to generate customized reports, summarizing meeting minutes, action items, voting results, and other relevant data.
• Analytics and data visualization: Users can access visual representations of meeting statistics, participant engagement, and other metrics to gain insights and make data-driven decisions.
• Export and integration capabilities: The software allows users to export reports or data in various formats (e.g., PDF, Excel) or integrate with other systems for further analysis or sharing.
• Compliance and governance tracking: The software provides features to track compliance with regulations or internal governance policies, ensuring transparency and accountability.
• Audit trails: This feature allows administrators to track user activities and have a record of any modifications, ensuring the system is used appropriately and mitigating potential risks.

It’s important to note that specific portal features and functionalities may vary depending on the board software provider, and organizations may choose software that aligns with their specific requirements and governance processes.

Best Practices for Implementing Board Portals

There’s no doubt about how the board of directors portal can make meeting preparations easier and sifting through materials faster. But how can you ensure a successful launch and implementation of your board meeting software? Consider the following best practices:

1. Get buy-in from stakeholders — Engage key stakeholders, including board members, executives, and IT personnel, early in the process. Clearly communicate the benefits of using a board portal and address any concerns or objections they may have. Their support and involvement are crucial for a smooth implementation.
2. Understand the level of support from the provider — Before selecting an online board portal provider, thoroughly evaluate their level of support. Consider factors such as customer service responsiveness, availability of training materials, and technical support. A provider that offers robust support will greatly assist in successful implementation and ongoing usage.
3. Offer training and onboarding to users — Conduct comprehensive training and onboarding sessions for all users, including board members, executives, and administrative staff. Provide clear instructions on how to navigate the portal, access documents, collaborate, and use any additional features. Consider offering both in-person and online training options to accommodate different learning preferences.
4. Evaluate board portal usage upon implementation — Regularly assess and evaluate the usage of the board software after implementation. Monitor user adoption rates, solicit feedback from users, and identify any potential issues or areas for improvement. This evaluation will help you refine and optimize the portal’s functionality, address any concerns, and ensure maximum utilization.
5. Regularly check for board portal updates — Stay up to date with the latest updates and releases from the board management software provider. For maintenance, ensure there are software patches, security updates, and feature enhancements to ensure the portal remains secure and functional. Also, communicate these updates to users and provide necessary training or documentation for a smooth transition.

Implementing board portals requires a well-planned and executed strategy that involves the steps above. By following these best practices, organizations can successfully conduct board portal reviews and implement the technology to realize its benefits.

Frequently Asked Questions About Board Portal

When choosing a board of directors portal, numerous considerations come into play. While cost and features are important, they shouldn’t be the sole focus. In this section, we will answer common questions about a digital board portal and why it’s an ideal tool for your team.

Can board portals be accessed on mobile devices?

Yes! Board portals are specifically developed to be accessible on a wide range of mobile devices, including smartphones and tablets. They typically provide mobile applications or responsive web interfaces that enable board members to securely access meeting materials, collaborate, and actively participate in board activities while on the move.

Are board portals secure?

Yes, board portals place a high priority on security to safeguard sensitive board information. They utilize strong encryption methods, multi-factor authentication, and secure data storage to ensure confidentiality. Advanced permissions and access controls are implemented to limit document access exclusively to authorized individuals, maintaining the integrity and privacy of board materials.

Can board portals integrate with other corporate systems?

Numerous board portals provide integration capabilities with various corporate systems, including customer relationship management (CRM) software, document management systems, and email platforms. Integration enables smooth data exchange, streamlines workflows, and enhances productivity by eliminating manual data entry and facilitating information sharing across platforms.

How long does it take to implement a board portal?

The timeframe for implementing a board portal depends on factors like organizational size, process complexity, and customization needs. However, with effective planning and collaboration with the portal provider, implementation usually takes a few days to a couple of weeks. The process involves portal setup, configuring user permissions, data migration, and providing training to board members and administrators.

How much does a board portal cost?

The cost of a board portal can vary widely depending on several factors. Many providers offer tiered pricing plans based on features, number of users, and storage capacity. Generally, they can cost anywhere from a few hundred dollars to a thousand dollars per month.

Convene: The Versatile Board Portal for Your Unique Requirements

With tons of board portals available in the market, Convene emerges as one of the most versatile solutions that cater to the diverse needs of organizations. Its adaptability and comprehensive features ensure that it can meet the unique requirements of boards, may it be for meeting preparation or document management.

With Convene, you can gain a powerful platform that facilitates efficient collaboration, enhances governance practices, and keeps your organization compliant with the ever-changing regulatory landscape. Schedule a demo with us and experience the Convene’s advantage!