From The Top Down: 5 Ways Technology Can Improve Board Governance

Why failing to embrace technology in the boardroom could prove costly.

Technology has long been considered a disruptor.

In the same breath, it’s not unkind to say that organisations are generally considered somewhat stubborn and slow on the uptake. To this day, board members prefer to keep their hands on physical documents, and the time, costs, and security risks that entails.

While “…this is the way it’s been done for decades!” may be common reasoning, the seemingly allergic reaction to change is untenable in today’s modern era. Physical documents are a time and money sink. There’s no two ways about it.

They leave your organisation sitting idle and steepling its fingers.

The solution? As Stellar says, “It’s simple!

The rise of Board Management Software isn’t just a fluke, and it certainly isn’t a fad. Instead, it’s a lifeline for boardrooms in desperate need of a modern solution that cuts costs and cuts out downtime, while improving compliance, governance, and visibility.

Board Software – Keeping members on the same page, simply

Let’s be honest, the typical board meeting isn’t the fastest, most effective, or efficient use of time. From the initial pre-meeting logistics through to last minute changes, doing things the old way directly affects your board’s ability to govern. It’s frustrating.

What’s more infuriating is when you realise there’s no need for discussions to slip from the schedule, or for members to waste time thumbing through pages for a piece of information. But then, this is just the way things work, right?

Not necessarily, no.

The ability to improve the administrative process, quite literally, sits at your fingertips. Transition to a digital environment and you’ll quickly reduce the time of rework and last minute changes, while streamlining board activities, boosting workflow efficiencies, and keeping everyone on the same page.

Visibility, compliance, and governance made easy with these 5 tech advantages

Ways to implement technology in the boardroom

1. Assemble documents, agendas, and memos in minutes

Your board’s ability to govern relies on quickly and easily assessing all of the information at hand, so it’s no surprise that outdated processes and a mess of printed documents holds you back.

You can’t assess what you can’t find.

It gets worse. According to recent reports, staff waste “…an average of 6 hours per week searching for paper documents.”. More than that, a Nintex study examining the typical document management process found that:

  • 49% struggle to find the right document.
  • 33% face issues around document versioning.
  • And 23% were struggling to communicate sales results to the company.

That’s a lot of wasted time, energy, and, ultimately, money…and for what? Moving out of dark ages and equipping your board with the tools it needs to alleviate these pressure is the only effective way to streamline the pre- and post-meeting processes.

2. Collaborate without the hassle

Chances are your board enters a meeting with a stack of paperwork, and leaves with that much more. Memos. Minutes. Scribbled notes between the margins. Is it any wonder administration costs are skyrocketing, with secretaries working overtime to manually track and log these changes?

Now consider an environment where these changes can be made on the fly, during board meetings, with 100% visibility? By working within a cloud based environment, your board can recoup lost time, remain on the same page, all while accessing, collaborating on, and sharing the right documents, at the right time, with the press of a button.

3. Retain control, at all times

Business moves faster now than ever, so why are you still waiting on couriers to deliver important paperwork? To be fair, existing electronic alternatives aren’t much better. In fact, they’re likely as insecure, if not moreso.

Take email, for example. Strong encryption may sound good on paper, but there’s no guarantee that your sensitive information isn’t being intercepted or accessed at the other end by unscrupulous eyes. Every day that your board continues to communicate via insecure channels, is another day closer to feeling the financial and reputation cost of a security breach.

Members and, more importantly, lawmakers don’t just expect better. They demand it. With Stellar Library’s Board Management Software, you have access to a secure sharing channel with full control over who can access, edit, or even print a document.

It completely eliminates the wait time associated with physical documents.

What’s more, it removes the risk of obsolete board papers sitting around in post boxes or inboxes.

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4. Effectively govern across city, land, and sea

Technology’s blessing is also a curse. Working remotely, on the move, or across time zones is all well and good until you need to quickly share important information.

Digital technology has the ability to break down these barriers while simultaneously building virtual bridges across vast physical distances in order to deliver round-the-clock, 24/7 access to important documents when and where your board meets them.

When it comes time for your next meeting, software like Stellar keeps everyone on the same page.

And with the same versions.

Compared to the current mess of paperwork, it’s priceless.

5. Slash storage costs while keeping documents secure

How much is paper really costing you? Documents aren’t just costly to print, but also store. Recent studies have reported that a “…typical 100-person organisation…” could spend upwards of $16,800 USD just to cover the space required to store physical documents.

That figure is just for the filing cabinets, not the floor space.

The numbers are staggering.

What’s worse, documents usually need to be held for set periods of time for compliance reasons and to ensure a clean and clear auditing trail. You can’t just up and rid of them. They need to go somewhere. That’s saying nothing of the time-consuming act of actioning requests for a file stuffed away who knows where.

Now consider the alternative like that provided by Stellar. In an instant, the software’s search functionality makes it easy to search for, find, and organise documents in mere seconds, minus the physical footprint and accompanying costs.

More than that, data is encrypted and kept secure in the Cloud where it’s safe from insecure communication channels, being left on a bus, or the costly repercussions if physical documents were to go up in flames or become waterlogged in a flood.

Stellar Library is a smart choice in the boardroom

Stellar Library's Board Management Software

The modern boardroom requires a new solution if it’s going to face the increasing number of responsibilities – and challenges – that continue to fall under its umbrella.

You owe it to shareholders, stakeholders, and members alike to ensure you’re operating at peak capacity and performance. Stellar Library’s Board Management Software enables you to do just this, equipping you with the tools you need to embrace a paperless environment, increase security, and improve your board’s ability to govern.

As highlighted above, your board spends a lot of time waiting around.

The question is, why waste another second (or cent)?

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