Boards must grasp the impact of digital on core business operations to make well-informed choices regarding digital transformation. This involves equipping board members with comprehensive digital and business management expertise, thus ensuring a blend of knowledgeable minds capable of making accurate decisions. These solutions play a crucial role in the ongoing transformation by improving corporate governance processes, fostering better collaboration among board members, and ultimately elevating the efficiency of decision-making using a board meetings software solution.
Transformation vs. Change
Change is an ever-present phenomenon – occurring daily, achieving it is relatively manageable, and it typically takes incremental strides. Most boards undergo changes consistently year after year. Emerging technologies enter the market, boards embrace advantages, and subsequently witness minimal or fundamental modifications.
Conversely, transformation presents a deeper phenomenon. Digital transformation forges a new path forward and surpasses prior limitations. This is accomplished by a comprehensive overhaul of operational methods and procedures, essentially embodying enterprise agility.
The initial stage involves recognizing the profound, disruptive, and extensive nature of this process, along with its actual effectiveness. Your strategy for digital transformation must encompass a thorough evaluation of your enterprise and its activities.
The Extensive Impact of Digital Transformation
Given that digital transformation has an impact on nearly all facets of a board, maintaining a level of concentration is crucial when initiating your strategic efforts.
As per our research, there can be three key areas of impact:
- The business model
- Operational transformation
- Client experience
Digital Transformation Benefits
Some businesses tend to prioritize profitability at times over technological and habitual change. However, with the right solution, a board can improve its technology and habits while maintaining its profitability, apart from gaining the advantages that arise from digital transformation, thereby motivating organizations to adopt change. The following reasons highlight this:
- Reduce Costs: It is possible to have robust board operations with less papers, without too many emails and without redundant efforts of senior board members, leadership and meetings administrators which take place otherwise. Embracing digital collaboration will eliminate manual pre-meeting and during meeting activities. It will also digitize board reporting and related board activities such as evaluation, resolutions and voting, which can otherwise be a costly affair. For instance, adopting digital meetings software platforms substantially diminishes the time and efforts of senior board members, leadership teams as well as the corporate secretary which go in manual activities in addition to cost of utilities.
- Business Growth: Based on our research, one of the immediate benefits of the paperless meetings technology is that it leads to faster decision-making among board members. It also provides quicker access to the latest board information across diverse devices apart from fostering better collaboration between board members. Hence, growing the business through effective use of digital meetings software can be achieved by implementing impactful strategies that make critical board information accessible and on-time, improve collaboration among board members with intuitive communication features and provide comprehensive analytical reports – thereby catering to the evolving needs of the board and leadership.
- Agenda Management: A proven board meetings solution like Dess can make it easy to create, finalize and distribute board and committee meeting agendas. Corporate secretaries and executive assistants can easily prepare the agenda with or without the help of different departments and across different file formats. Based on the board’s practices, agendas can easily be reviewed and modified by different leadership members as well through the board portal software.
- Save Time: Time management of board members, leadership and meeting administrators can be made more efficient through board portal software as it can significantly enhance the efficiency and effectiveness of digital board meetings and related activities. For instance, the Dess board meetings solution brings past, present and upcoming board information in one-place. Hence, a board member is not required to seek information from different sources. Similarly, by leveraging the capabilities of board portal software, organizations can streamline their meeting processes, enhance collaboration, and ultimately make more effective use of board of directors’ time.
Impact of digital board processes:
- Consolidate board information in one place: A digital board solution empowers directors to centralize all meetings-related data within a secure online platform. No longer will valuable time be wasted searching for documents, meeting links, contracts, notes, and shared agendas. Instead, all pertinent information is accessible with a single click and is available to all board members, leadership team among other stakeholders. This approach enables board members to allocate more time to high-value tasks, subsequently boosting overall enterprise productivity.
- Collaborate effectively: Through the use of a dedicated digital board software that consolidates meetings data, the solution brings board members on a common platform even if they are located in distant places. Further, it makes critical and complex board information presentable and accessible efficiently and provides them with intuitive tools which help them contribute and review the board information. Hence, such facilities make it very easy for them to involve other board members and leadership teams to have a focused collaboration of important board and business issues.
- On-the-go Access: Since most board members and leadership travel intensively and are involved in time-consuming business activities, it becomes critical that they should have seamless access to critical board information on-the-go, inconsequential to their situations. With a proven board management software such as Dess, critical board information becomes easily accessible via computers, laptops, tablets, and smartphones in addition to being fully functional offline and without constant need of the internet.
- Faster decision-making: A competent board meetings solution like Dess provides end-to-end digital tools for enhancing enterprise decision-making among board of directors. With an array of internal approval facilities in addition to integration with digital signatures, online voting, fingerprint and face recognition among other features, board directors’ can easily and quickly give their important inputs. This leads to faster decisions through a dedicated board portal software
How can the Dess Digital Meetings support your boards and board meetings?
Dess is the world’s easiest-to-use board portal software for paperless board and committee meetings. Leading organizations in over 25 countries prefer Dess digital meetings as their choice for efficient and effective board management software.
It can support your boards and board meetings with its unique offering of being an all-in-one app for all board and committee meeting requirements. The solution offers detailed pre-meetings, during-meetings and post-meetings features which easily adapt to your culture and support with analytical reports as well as personalization.
Dess believes in enhancing the value of information globally by harnessing unstructured data to empower the right people at the right time using the right technology. With its group of highly competent and motivated people, it has implemented several first-of-its-kind solutions.