What to Look For in Board Management Software
https://boardroomspace.info/the-relevance-of-data-room-vendors-comparison/
Board management software is a digital tool for boards of directors and their administration support staff to assist with the preparation of meetings, distribution of documents and communication on key points. These software systems are completely paperless, and members can connect and collaborate remotely via the web browser or mobile application. The best ones include built-in features for capturing and managing meetings, scheduling agendas, sharing documents and collaborating on them in real time. They also allow for the recording of meeting minutes, keeping track of document versions, as well as monitoring compliance with particular legal requirements or regulatory requirements that are based on the industry.
The selection of a good board portal should be informed by a thorough assessment of the needs throughout the board’s life cycle, including the chair, board members and the CEO as well as managers. The decision is usually motivated by a handful of urgent issues such as security, cost reduction, and efficiency, however a thorough evaluation should be done to ensure that the net benefits are greater than the costs.
A solid board management system should provide the following key features:
Secure storage of data – Many companies offer cloud or physical facilities with secure encryption with the latter having more stringent standards and a verified physical security. It should also be able to store all relevant documents for a meeting in its entirety, which is more than a collection of emails and PDFs. The software should be able to prompt good practices such as introducing important discussions and decisions prior to the start of the agenda, and include health and security topics.
