Board management software is an electronic tool that aids boards of directors, their administrative support staff as well as other stakeholders prepare for meetings to distribute documents and inform on important topics. These software are typically paper-free and allow participants to connect and collaborate remotely via a web browser or mobile application. The most effective ones have built-in functions for recording and managing meetings, establishing agendas and sharing documents, as well as working on them in real-time. They also facilitate the recording of meeting minutes, keeping track of document versions and monitoring compliance with specific regulations or legal requirements according to the industry.
The choice of a suitable board portal must be made after a thorough evaluation of the needs of all board members including the CEO, board members and managers. The decision is usually caused by a variety of pressing issues, such as security, cost reduction, and efficiency, but a comprehensive review should be conducted to ensure that the net advantages are greater than the costs.
A good board management system must include the following features:
Secure data storage – Many companies offer cloud-based or physical storage with secure encryption. The former offers stricter standards, and is certified for physical security. It is also possible to save all relevant documentation for a meeting in its entire form, which should be more than a collection of emails and PDFs. The software should be able to prompt good practices, like making key discussions and decisions early in the agenda, and including safety and health issues.