Board management software is an electronic tool which assists directors’ boards as well as their administrative support staff as well as other stakeholders prepare for meetings to distribute documents and inform on important subjects. These systems are paperless, and the participants are able to collaborate remotely by using either a web browser or mobile app. The most effective systems come with features that allow you to organize and record meetings, set agendas, share documents and collaborate on them in real-time. They also permit the recording of meeting minutes, tracking document versions, as well as monitoring compliance with specific legal requirements or regulatory requirements based on the industry.
The selection of a good board portal should be an extensive evaluation of needs across the whole board, including the chair as well as board members and the CEO as well as managers. The decision is usually caused by a variety of pressing concerns like security, cost reduction and efficiency, but a thorough review should be conducted to ensure that the net advantages outweigh the costs.
A well-designed board management system should have the following essential features:
Secure storage of data – Many providers provide cloud-based or physical services that offer secure encryption with the latter offering more stringent standards and certified physical security. It should be possible to save all the documentation of the conference, not just emails and PDFs. The software should be able to provide good practices like the introduction of important discussions and decision-making prior to the start of the agenda, and including security and health topics.