Board management software is an electronic tool which assists boards of directors as well as their administrative support staff and other stakeholders prepare for meetings, distribute documents and communicate about important topics. They are paperless and participants can communicate and collaborate remotely through a web browser or a mobile app. The most effective systems have features that allow you to organize and record meetings, set agendas, communicate with documents, and collaborate on them in real-time. They also allow for the recording of meeting minutes, tracking versions of documents and ensuring the compliance of specific legal or regulatory requirements according to the industry.
The selection of a good board portal should be informed by a thorough assessment of the needs throughout the board’s life cycle, including the chair and board members as well as the CEO and managers. Often, the choice is data room vendors comparison triggered by one or two major pain points such as security or cost reduction, however, a thorough assessment must be carried out to ensure that the net benefits outweigh costs.
A top board management software should have the following attributes:
Secure data storage – Many providers offer cloud or physical facilities that have secure encryption with the former providing more stringent standards and certified physical security. It is also possible to store all the relevant documentation for a meeting in its entirety, which is more than just a set of emails and PDFs. The software should be able of triggering best practices such as making key discussions and decisions prior to the agenda and including health and safety topics.