A virtual board portal is an online platform that enables real-time collaboration between multiple users and secure centralised storage of documents. It allows directors and administrators to perform their jobs more efficiently without the need to send multiple versions of documents via email, or risk being lost in a mess of email chains. It’s also an excellent tool for companies that are looking to raise funds or sell their business as it makes it easier for prospective buyers to access important business records.
Board members can access the management software from any internet-connected device or location and fulfill their governance responsibilities anywhere. They can prepare for meetings, edit and share documents and discuss them prior to meetings, during and after. Video conferencing allows them to be part of meetings even if they aren’t physically present.
As opposed to the traditional file-sharing applications, VDRs incorporate top-of-the-line security features to ensure the security of documents and files stored within the platform. This includes free open source antivirus software encryption of data and access rights that are highly restricted to reduce the risk of data breaches as well as information theft. It also provides a reliable hosting platform, as well as uptime statistics, for greater reliability.
In addition, it enables organizations to collaborate on projects with partners irrespective of whether they are located in the same location or continent. This improves efficiency and facilitates better decision-making during board meetings. Additionally, it can cut down on costs and time spent on preparing and collecting materials for meetings. iBabs provides all of these advantages and more with our robust board portal. Request a demonstration to learn how it can alter the how your board conducts its meetings.