Board management software is an electronic tool which assists directors‘ boards as well as their administrative staff and other stakeholders to prepare for meetings in advance, distribute documents and share information about important topics. These software are typically paper-free and allow users to connect and collaborate remotely using a web browser or dedicated mobile app. The best ones have built-in features for capturing and managing meetings, establishing agendas and sharing documents, as well as working on them in real-time. They also allow for the recording of meeting minutes, keeping track of versions of documents, and monitoring the compliance of specific regulations or legal requirements based on the industry.
The selection of a suitable board portal should be determined after a thorough examination of the requirements of all board members including the CEO, board members and managers. The choice is often driven by a number of pressing issues like security, cost-reduction, and efficiency, but a comprehensive evaluation must be carried out to ensure that the net advantages are greater than the cost.
A great board management system must include the following features:
Secure storage of data – Many providers offer either physical or cloud-based facilities web link that are secure, with the former having more stringent standards and certified physical security. It should also be able to save all relevant documents for a meeting in its entire form, which should be more than a collection of PDFs and emails. The software should be able to trigger good practice such as introducing key discussions and decisions early in the agenda and including health and safety issues.