What to Look For in Board Management Software

Board management software is an electronic tool which assists directors’ boards as well as their administrative support staff and other stakeholders to prepare for meetings, distribute documents and communicate on important topics. These systems are usually paperless and allow participants to collaborate remotely using a browser or mobile app. The most effective systems come with features that let you capture and manage meetings, set agendas, share documents and collaborate on them in real-time. They also allow the recording of meeting minutes, tracking versions of documents, and monitoring the compliance of specific regulations or legal requirements based on the industry.

The selection of a suitable board portal should be based on a thorough evaluation of the needs throughout the board’s life cycle, including the chair and board members, CEO and managers. Typically, the decision is caused by one or two urgent issues like security or cost reduction, but a comprehensive assessment should be conducted to ensure that the net benefits outweigh the costs.

A great board management system should include the following key features:

Secure storage of data – Many providers provide cloud-based or physical services that offer secure encryption with the former offering more stringent standards and a verified physical security. It should also be able to store all relevant documentation for a meeting in all its entirety, which should be more than a mere collection of PDFs and emails. The software must be able to encourage good practice such as including key discussions and important decisions prior to the agenda and including data room vendors health and safety issues.