How Board Management Software Revolutionizes Boardrooms
Board management software is a secure digital means of communicating meant to eliminate the use of paper in the boardroom and streamline the communication between the board of directors. Board management tools also serve to create efficiencies for the corporate secretary by eliminating the need to create paper board books that may need to be updated frequently; instead, edits to board books created in modern board portals can be updated and digitally sent to all directors in seconds.
The biggest win from using a board management software is security. Messaging and emailing are insecure. Everything on the portal is protected using the highest grade of encryption. Other security applications are also used to make it as secure as possible. Security is regularly updated to keep pace with evolving threats. Access to a document or chat may be restricted so that only the members with a need to know may have viewing permission. This may be useful as well when a director has a specific conflict of interest – that board member may be kept from viewing materials that have a bearing on the conflict, but permitted to view all others. Any archiving requirements are clearly explained and all directors may archive materials with such restrictions as they may wish to impose on them.
Why You Should Use a Board Management Software
Key benefits of using a board management software include:
- Increased security: board portals have the highest level of security possible, including SOC-II certification, to make sure that confidential materials that the board reviews stay inside of the boardroom and it’s members.
- Streamlined communication: board management software is built with the goal of creating increased efficiencies in communication at all stages of a board meeting. For example, board members can vote and collaborate on board packs before the meeting while the corporate secretary can easily set action items after the meeting from those notes.
- Flexibility: for board directors who are always on the go, the ability to access board documents from anywhere – including on their mobile device – makes it easier to engage with their board and be an effective decision maker.
The Advantages of Board Management Software
Board management software has countless advantages for your board of directors. It facilitates communication, streamlines board activities and improves security of board documents. From the perspective of the board administrator, it saves money and allows for a more cohesive and collaborative boardroom environment.
Leveraging Board Technology for Visibility and Insights
Using board portal technology allows a board member to be enabled to make the best decision with the most data at their fingertips. The right board management software can also help the board avoid any sort of technological risks. The right technology should be built with security as the most important feature and with the right security, you can guarantee that activities in the boardroom will remain private.
Evaluating Board Management Technology
Based on your board’s needs, size and responsibilities, making sure you pick the right technology is important. All technologies are not created equally and what some technology providers focus on, others may not. As a baseline, you should look for specific features to ensure that you have everything within the technology that your board needs to prepare for board meetings and follow up on action items in between meetings. This can range from secure communication technology all the way to certain solutions for board evaluations, d&o questionnaires and entity management needs. As a board administrator, choosing the right technology can be difficult, but the rewards far outweigh the effort to find the right solution.