What to Look For in Board Management Software
Board management software is an electronic tool that aids directors‘ boards and their administrative support staff as well as other stakeholders prepare for meetings and distribute documents, as well as communicate about important topics. These software are typically paper-free and allow users to collaborate remotely via a web browser or dedicated mobile app. The most effective ones come with built-in features to record and managing meetings, establishing agendas and sharing documents as well as collaborating on them in real-time. They also allow for the recording of meeting minutes and keeping track of document versions, and monitoring compliance with particular 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’s life cycle, including the chair as well as board members, CEO and managers. The choice is often driven by a number of pressing concerns like security, cost-reduction, and efficiency, but a comprehensive evaluation should be done to ensure that the benefits exceed the cost.
A good board management software should have the following attributes:
Secure data storage – Many providers offer physical or cloud-based services with secure encryption. The former comes with more stringent standards, and is certified for physical security. It is essential to be able to store all documentation from the conference, not only PDFs and emails. The software should be able to prompt good practices, like introducing key discussions and decisions early in the agenda and including health and safety issues.
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