What to Look For in Board Management Software
Board management software is a digital tool for directors’ boards as well as their administrative staff to assist with meeting preparation, document distribution and communication regarding key issues. These systems are not paper-based, and participants can connect and collaborate remotely using either a web browser or mobile app. The most effective systems come with features that let you capture and manage meetings, schedule agendas, distribute documents, and collaborate on them in real-time. They also permit the recording of meeting minutes and keeping track of document versions, and monitoring compliance with particular legal requirements or regulations based on the industry.
The selection of a suitable board portal should be determined by a thorough analysis of requirements across the entire board cycle including the chair, board members, CEO and managers. The decision is usually caused by a variety of pressing issues, such as security, cost-reduction, and efficiency, but a thorough assessment should be conducted to ensure that the benefits outweigh the costs.
A top board management software should include the following characteristics:
Secure data storage – Many companies offer cloud-based or physical storage with secure encryption. The latter comes with more stringent standards and is certified for physical security. It should be possible to save all documentation from an event, not just emails and PDFs. The software should be able to trigger good practice such as making key discussions and decisions early in the agenda, and including safety and health topics.