Board management software is an electronic tool that aids boards of directors, their administrative support staff, and other stakeholders prepare for meetings to distribute documents and inform on important topics. They are usually paperless and allow users to collaborate and connect remotely via a web browser or mobile app. The best ones include built-in functions for recording and managing meetings, scheduling agendas, sharing documents and collaborating on them in real time. They also allow for the recording of meeting minutes, tracking the versions of documents and monitoring compliance with specific legal or regulatory requirements that are based on industry.
The selection of a suitable board portal should be determined after a thorough evaluation of the requirements of all members of the board, including the board members, the CEO and managers. The decision-making process is often motivated by a handful https://boardroomspace.info/board-management-roles-and-responsibilities/ of urgent concerns like security, cost-reduction and efficiency, but a thorough assessment should be conducted to ensure the net benefits exceed the cost.
A great board management system should include the following key features:
Secure data storage – Many companies offer cloud-based or physical storage with secure encryption. The latter offers more stringent standards, and also certified physical security. It should also be possible to store all pertinent documents for a meeting in all its entirety, which is more than just a collection of emails and PDFs. The software should be able to prompt good practice such as including key discussions and important decisions early in the agenda, and including safety and health issues.