Board management software is an electronic tool which assists boards of directors, their administrative support staff as well as other stakeholders prepare for meetings, distribute documents and communicate about important topics. These systems are paperless, and members can connect and collaborate remotely via an internet browser or mobile application. The best ones include built-in features 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 versions of documents, and monitoring compliance with specific legal or regulatory requirements according to the industry.
The selection of a suitable board portal should be made after a thorough examination of the needs of all members of the board including the board members, the CEO and managers. The decision is usually caused by a variety of pressing issues such as https://boardroomspace.info/majority-shareholders-and-company-control security, cost reduction and efficiency, however a thorough evaluation must be carried out to ensure the net benefits are greater than the cost.
A good board management system should include the following key features:
Secure data storage – A lot of providers offer cloud or physical services that offer secure encryption with the former offering more stringent standards and a certifying of physical security. It is also possible to store all the relevant documentation for a meeting in its entire form, which should be more than just a set of emails and PDFs. The software should be able to prompt good practices, such as discussing important decisions and discussions early in the agenda, and include security and health issues.
