Board management software is a digital tool for directors’ boards as well as their administrative support staff to assist with meeting preparation, document distribution and communication on key points. These software are typically paper-free and allow participants to connect and collaborate remotely using a browser or mobile app. The best ones have built-in features for recording and managing meetings, setting agendas and sharing documents, as well as working on them in real-time. They also permit the recording of meeting minutes, keeping track of document versions, and monitoring compliance with particular legal requirements or regulatory requirements that are based on industry.
The selection of a good board portal should be an extensive evaluation of the needs throughout the board’s cycle, including the chair and board members and the CEO as well as managers. The decision is usually motivated by a handful of urgent concerns like security, cost-reduction, and efficiency, but a thorough evaluation must be carried out to ensure that the net advantages are greater than the cost.
A great board management system should include the following features:
Secure storage of data – Many companies offer either physical or cloud-based services that offer secure encryption with the former having more stringent standards and a certified physical security. It should be possible to save the entire documentation for the conference, not only PDFs and emails. The software must be able to encourage good practices, like including key discussions and important decisions early in the agenda, and including safety and health issues.