Zeldeen Muller, CEO, AgendaWorx.com, Board Portals
As we stand on the cusp of 2024, the role of the board member is undergoing a transformation that is nothing short of revolutionary. Gone are the days of sifting through endless paperwork, relying solely on human consultants for insights and making decisions based on fragmented information.
The introduction of Artificial Intelligence (AI) into the boardroom is set to redefine governance, decision making and operational efficiency. From automating mundane tasks to, providing real time, data-driven insights, AI promises to be the linchpin that elevates the effectiveness and strategic prowess of board members. Welcome to the future of board management, where AI isn’t just an optional tool but a critical asset for navigating an increasingly complex and fast-paced world.
AI: The game changer in board portals in 2024
The next wave of board portal technology is set to incorporate AI in unprecedented ways. These aren’t just mere tweaks to existing systems; these are complete overhauls aimed at simplifying the roles of board members and secretariats alike.
- Real-time data analysis
AI can process massive datasets in real-time, allowing boards to make informed decisions. Think about the ease of inviting and analysing quotations from service providers, comparing financials over a number of years into easy-to-read graphs, seeing all the increases granted to service providers over a 5 year period and more.
- Instant explanation and training on difficult concepts
Boards will be able to access free industry training information, all within the board portal; but better yet, they will have their own AI that they can ask to explain difficult concepts.
- Instant answers to complex questions
Do you have questions about the rules of the fund, its benefits or actuarial valuations? AI will provide instant, accurate answers, negating the need for time consuming manual searches.
- AI reporters will create minutes in moments
Despite the introduction of modern virtual meeting apps like Zoom and Microsoft Teams, secretaries are often overwhelmed with large volumes of transcribed text. The promise of transcription tools has turned into a tedious sifting process through a labyrinth of non-essential dialogue and crucial decisions. Enter the AI reporter, which can use a Teams file where chapters were added, add these to the relevant agenda items, transcribe the text with 99% accuracy with South African accents and report on the salient points in the meeting with professional grammar. An example as follows:
The transcription that needs tons of work
Mr. Chair, we need to consider the trustee election that will be held in 2024. Yes, thank you, Joe. We definitely need to do that. Where will we run this election? Mr. Chair, a number of our other funds have used electionworks.com. It is very effective and user-friendly and I think we should maybe look at using that. Yes, absolutely. Thank you so much. Will you please get a cost estimate for us as well as just determine what we will do with our members who do not have access to computers? Absolutely, Mr. Chairman. The initial discussions they did confirm that they could do both a USSD as well as allow for voting for members on their cell phones. All right, thank you so much for that.
One button on your board portal that uses AI will create this transcription from your Teams recording
At the meeting, the trustee election scheduled for 2024 was discussed. The Chairman acknowledged the importance of planning for the election and inquired about the platform to be used for conducting it. Ms. Lufu proposed the use of electionworx.com, citing its effectiveness and user-friendliness. She mentioned that the platform had been successfully used by other funds managed by the organisation. In response to a query from the Chairman about accommodating members with only mobile phone access, Ms. Lufu confirmed that electionworx.com has the capability to include these members through USSD and Mobi options on their mobile phones. The board agreed with the suggestion and requested Ms. Lufu to obtain a cost estimate.
A game-changer, you will agree, it saves countless hours and reduces errors.
- Customised communication
Imagine a world where board portals could draft fund specific communication such as annual reports, member newsletters and emails, and send these out automatically. That world is not too far off.
The reality of tomorrow, today
Technological advancements are unfolding at an unprecedented pace, and rest assured, providers in this space are at the cutting edge, diligently working to integrate these next-level capabilities into board portal solutions. Some of these features may sound like science fiction, but in reality many will be implemented within the next 12 months.
Can you afford to lag behind?
The integration of AI into board portals is not just a luxury; it’s a necessity for effective governance and decision making. With these powerful tools at hand, can you afford not to move toward an AI-integrated board portal?
The future of board portals is bright, and it is being shaped by the integration of AI technologies. From making minute taking a breeze to enhancing governance through data analysis and customised communication, AI is setting the stage for a new era of board management.