Board management software is a software tool that allows boards of directors and their administrative staff to help with meeting preparation, document distribution and communication on key points. These systems are paperless, and participants can communicate and collaborate remotely through either a web browser or mobile application. The most effective systems have features that allow you to capture and manage meetings, create agendas, distribute documents, and collaborate on them in real-time. They also facilitate the recording of meeting minutes, tracking versions of documents and ensuring the compliance of specific regulations or legal requirements according to the industry.
The selection of a great board portal should be informed by a thorough assessment of needs across the entire board, including the chair as well as board members, CEO description and managers. The decision is usually caused by a variety of pressing issues such as security, cost reduction and efficiency, but a comprehensive evaluation should be done to ensure that the net advantages outweigh the costs.
A good board management software should have the following characteristics:
Secure data storage – Many providers provide cloud-based or physical services that offer secure encryption, with the former offering higher standards and a verified physical security. It should also be possible to store all the relevant documents for a meeting in all its entirety, which is more than just a collection of emails and PDFs. The software should be able to prompt good practices such as the introduction of important discussions and decision-making prior to the time of the agenda, and including security and health topics.
