Board management software is an electronic tool that assists directors’ boards as well as their administrative support staff as well as other stakeholders prepare for meetings and distribute documents, as well as communicate on important subjects. They are usually paperless and allow users to collaborate and connect remotely using a web browser or mobile app. The most effective systems have features that allow you to organize and record meetings, set agendas, distribute documents, and collaborate on them in real-time. They also allow the recording of meeting minutes, keeping track of the versions of documents and monitoring compliance with specific legal or regulatory requirements that are based on industry.
The selection of an appropriate board portal should be decided after a thorough evaluation of the requirements of all members of the board, including the board members, the CEO and managers. Most often, the decision is driven by one or two pressing pain points such as security efficiency, cost reduction and security but a comprehensive assessment should be carried out to ensure that the net benefits are greater than the costs.
A good board management system should include the following essential elements:
Secure data storage – Many providers provide cloud-based or physical services with secure encryption. The former offers more stringent standards, and certified physical security. It should also be able to store all the relevant documents needed for a meeting in its entirety, which should be more than a mere collection of emails and PDFs. The software should be able to prompt good practices such as making important discussions and decisions early on in the agenda, and include security and health topics.
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