The purpose of digital technology is to ease human efforts while extending our mental and physical functionalities. When talking about corporate technology, the three prime attributes that come to mind are security, efficiency and accessibility. However, the traditional way of conducting business by scheduling board meetings, once every quarter, and piling up a plethora of paper documentation does not support any of these three attributes. In fact, it is more likely to increase the risks of information-loss, miscalculations, and even unintended non-compliance.
BoardEye – India’s leading Paperless Board Meetings Software, developed by Axar Digital – is designed to conquer all such issues and revolutionize the way modern board meetings are conducted. If you are a large listed company in India, here are the prime ways BoardEye can help in enhancing the experience and outcomes of all your board meetings:
1. Paperless Data creates Searchable Archive:
Board Eye is an automated and interactive system which allows digital documentation of all information shared prior to and developed during a meeting, to be stored in a centralized searchable database.
Data is primarily uploaded into the database by the Secretarial team in various formats, but BoardEye also provides Directors with various modes of inserting data, i.e. through personal comments, voting, etc.
All this data is later searchable swiftly and effortlessly.
2. Centralized Digital Database ensures only Authorised Data Access:
All the information shared during the meeting is stored in a separate central database on the server, and not on the individual users’ devices.
This makes it easier for Directors and the Back-office team to access any meeting’s data without having to search for folders or enquire with individual members for it.
This centralized format also limits access to authorized personnel and prevents intentional or unintentional data manipulation or data loss.
3. Reports On Actions Taken:
Action Taken Reports (ATRs) summarizes all the decisions made by the Board meeting regarding the agenda items of the meeting, and the actions taken in their regard by the concerned executives of the company, after the meeting.
These reports are created in real-time and action taken by executives are continuously updated into them throughout the subsequent period, until they can be closed when the board desires.
4. High Data Security:
For securing the meeting’s data from its inception, this software shares the meeting schedules, agendas, MOMs, and other vital matters only amongst authorized board members.
While in transit from the server to Directors’ devices, the data is encrypted so that it cannot be stolen, even if it is removed from a Director’s iPad by any means. Even in the backend, all data is stored and transferred in an end-to-end encrypted format, and access to specific files and functions can be blocked or allocated to individual personnel based on their role in the board.
5. Easy Accessibility:
Since Board Eye is a web-based application, it can be easily accessed by any board member by their android or iOS devices from anywhere in the world.
Hence, the board member does not have to be physically present at the meeting and can still share his/her opinions and votes.
6. Legal Compliance Tracking:
Since the CO and their team are continually analyzing all compliance standards and rules, the board is immediately alerted of any illicit or miscalculated action.
Individual tasks on agendas can also be monitored and represented in graphic format for quick and easy understanding.
7. Online Meetings:
In the current Covid-19 affected era, both SEBI and MCA have permitted companies to conduct their Board Meetings online through Video Conferencing or even Audio Conferencing. There is one key consideration, however, that the proceedings need to be recorded and accessible on-demand later.
Keeping this in mind, BoardEye has provided a feature to allow clients to dovetail their chosen video-conferencing tool such as Zoom©, GoToMeeting ©, Microsoft © Team, or any other such tool with BoardEye and record the proceedings. These recorded proceedings can then be uploaded into BoardEye for later search and retrieval.
If your organization is looking for a truly competent paperless board meeting software, Axar Digital’s BoardEye is your solution of choice. Axar provides a FREE demo of the power and efficacy of BoardEye, at your convenience. You can visit the Axar Digital website to book your demo today.