Skip to content
Blog Governance

8 Steps to Prepare for the Future of Board Meetings

8 Steps to Prepare for the Future of Board Meetings

8 Steps to Prepare for the Future of Board Meetings

The world of business is constantly evolving, and in today's digital age, embracing change is crucial for success. Boards of directors are continually responding and readjusting strategy in response to global challenges, and this has led to, amongst other developments, the digitisation of board meetings.  

This move has set the trend for the way that directors meet in the future, and this article presents eight steps that you can take to prepare for the digital future of board meetings. 

FlexibilityEmbracing change in the digital era 

Change is inevitable. But, while humans often resist that change, clinging to traditional methods from a fear of the unknown, the corporate landscape has been evolving rapidly. If companies do not try to stay ahead of the curve, they can be left behind.  

 The COVID-19 pandemic accelerated the transformation of board meetings, and those boards most open to adjusting their approach were better able to carry out effective meetings during a time of social distancing.  

The digital shift 

Before the pandemic, only 5% of boards worldwide conducted virtual meetings. However, when lockdowns and remote work became the norm, this number skyrocketed to 95%.  

Furthermore, over half of these boards plan to continue with some form of online meeting model even as the pandemic subsides. This shift underscores the importance of adapting to new technologies and embracing digitisation in board meetings. 

Track-your-actions-and-decisions

Benefits of virtual and hybrid meetings 

  • Flexibility
    Virtual meetings eliminate the need for directors to clear their schedules for a full-day, in-person event. Instead, they can attend from their offices or homes, saving time and travel costs. Hybrid meetings, which combine in-person and remote attendance, allow directors to choose the attendance method that best suits them.  
  • Increased attendance
    Virtual meetings accommodate directors who otherwise could not make it to the boardroom for whatever reason. The ability to attend remotely ensures that essential participants can always be present. 
  • Cost savings
    Moving board meetings online reduces travel expenses, venue rental costs and the need for printed materials. Digital tools, such as board portals, eliminate the need for physical distribution of documents.  
  • Sustainability
    Virtual meetings contribute to sustainability efforts by reducing carbon emissions associated with travel and the use of paper and ink for printed materials.  
  • Resilience
    Embracing virtual meeting capabilities provides organisations with the flexibility to smoothly transition to fully online meetings in response to unforeseen circumstances, such as future waves of a pandemic. 

Benefits of digital board management tools 

Benefit

Explanation

Organisation

Digital documents are easy to search and access during meetings, eliminating the need to sift through stacks of paper. Everything is readily available on devices, reducing the risk of misplacing important information.

Collaboration 

Digital distribution allows directors to collaborate efficiently before meetings. They can review documents, highlight key points and share thoughts with colleagues, promoting effective communication.

Convenience 

Digital documents are accessible on smartphones and tablets, making it convenient for busy directors to read on the go. This accessibility ensures that board members are well-prepared for meetings.

8 steps to prepare for the digital future 

To navigate the digital transformation of your board meetings effectively, take these steps:   

  1. Move your documents online: Digitise board documents to ensure everyone has access to the latest information, eliminating confusion caused by multiple document versions being sent by email.
  2. Enable real-time collaboration: Facilitate efficient collaboration among board members by allowing them to work together on documents in real time between meetings.
  3. Secure your file storage: Prioritise security when transitioning to digital board meetings to protect your sensitive data and comply with local regulations. Ensure the solution you use meets stringent security protocols.
  4. Secure your live streams: Use secure platforms designed for board meetings to conduct live streams and conference calls, safeguarding the integrity of meetings.
  5. Be mobile-friendly: Ensure that board members can access documents and collaborate using smartphones and tablets to enhance flexibility.  
  6. Prepare for online voting: Implement electronic voting through a board portal to streamline decision-making in virtual meetings and create an audit trail for the future.
  7. Set up electronic signatures: Embrace electronic signatures to expedite board resolutions and reduce administrative costs associated with chasing traditional signatures.
  8. Track your actions and decisions: Utilise digital tools to track actions and decisions, ensuring transparency, accountability and efficiency in board meetings.

E-Book Mock Up.8 Steps prepare Future Board Meetings-1Find out more about these steps in greater detail by downloading the ebook 8 Steps To Prepare For The Future Of Board Meetings 

 

 

 

Conclusion

If you are not already embracing digital solutions for your organisation’s board meetings, now is the time. Every organisation faces different challenges and has processes but, whatever the situation of your board, digitisation can help. For those who decide to work 100% remotely, those who have board members subject to travel restrictions, those who want to offer flexibility to their directors and even those who have decided to return to entirely in-person events, digitisation helps make everything easier.  

A board portal can do as much or as little as you like. From facilitating secure video conferences to providing a more effective way of distributing board packs and enabling transparent voting procedures, this is the future of board meetings. iBabs’ solution contains all the features you need to futureproof your board. Request a demo of iBabs today.  

 

Related articles

Share this post

linkedin-logo

twitter-logo

facebook-logo

cta-banner-left

We help you make effective
use of capital markets

Get in touch with our experts
cta-banner-right