In the modern digital world, technologies continue to grow and develop significantly transforming all the aspects of our life. Nowadays, enterprises need to adjust their business models to meet evolving customer needs and survive in a very competitive business scene. This also means raised expectations for boards of directors who need to communicate effectively and collaborate using new digital approaches. Modern boards can’t rely on printed board packets and frequent offline meetings in the new reality. To stay up to date, they need to turn to innovative IT tools called board management software. These solutions allow boards to streamline and administrative work and help members work with information whenever and wherever they need it.
What Is Board Management Software?
Board management software is a technologically advanced and user-friendly solution that handles the shortages, redundancies, and drawbacks of hosting paper-based and offline board meetings. It brings numerous useful features for the effective management of a board’s processes and workflows.
Depending on specific features, board software can come in different forms and be called different names such as board meeting software or board meeting management software. A board portal is usually used when we are talking about a protected environment for administrators and board members to view and edit meeting materials and interact with each other.
The Benefits of Board Software
Board of directors software is widely utilized in various industries from financial organizations to non-profits. Among the main benefits of board software are the following:
- board packets required for meetings are received via secure board portals instantly;
- board portal software lowers business expenses such as travel and printing costs;
- a board meeting app allows board members and administrators to attend board meetings remotely;
- board collaboration software encourages cooperation and increases the level of accuracy and engagement;
- board software makes board meetings more structured and effective.
Best board portals combine all these benefits in one solution, but some products offer additional perks that might be useful for specific business needs. There can be some obstacles on the way to business digitization with board management software, most of them rooted in culture and traditional behavioral patterns. More conservative board members might tend to glorify those old days where the board committee couldn’t work without a long table and a whiteboard. Luckily, times are changing, so should boards and organizations
The Main Features of Board Portal Software
Board management software covers many aspects of the board’s workflow and processes. We’ll present the descriptions of the main features below, but it’s necessary to remember that vendors can use different terms to describe them. Board meeting management software has the following core features:
- Board meeting center with powerful meeting and presentation tools, including video conferencing.
- Board documents center with advanced document management tools and different levels of access.
- Board agenda software for the most productive discussions without spending money on distribution.
- Scheduling tools, integrated into the most common and widely-used calendars.
- Security storage to keep sensitive information protected and confidential.
- Surveys to improve and speed up decision-making.
Board meeting management, as well as board document management, has never been an easy task. However, with the most advanced digital tools, these issues can be easily solved.
How to Conduct Board Portal Comparison
A board of directors plays a crucial role when it comes to making strategic decisions or dealing with urgent tasks. That’s why board management software must be chosen really carefully and without any haste. To conduct a successful board portals comparison, it’s necessary to know what to pay attention to. Here are several tips to follow while selecting the best board management software:
- evaluate the current business needs and specify the priorities at this moment;
- compare the products on the market by reading board portal reviews;
- reach the selected board portal vendors to learn details and pricing options;
- ask the questions to be sure that the product fits the business goals;
- make a final choice and enjoy the benefits.
One of the main things to consider is customer support. The solution should be user-friendly and adjusted to the needs of all users. If the board isn’t able to adopt the product and implement it in their workflows, it will lead to failure. Select board management software that proactively deals with the training process by offering demos and instructions as needed, specifically during the early stages of the implementation.
What Kind of Companies Need Board Meeting Software?
As the name suggests, board meeting software is built for executive boards. Nevertheless, any big or small company or an organization can discover benefits in board management tools as their main features have expansive applicability when it comes to any meeting. Think of this scenario: a young yet ambitious startup is searching for board members but faces a huge problem. They just have quite limited options as the top candidates might be located in another city or even country. In earlier times, this task would be either too expensive or just too complicated to invite those people. However, with the power of board meeting software, startups can bring board members from every corner of the world and find it easier to deliver presentations and host board meetings.
The most common use cases for board management software include:
- board portals for nonprofits to focus on noble aims rather than operational routine;
- board software for commercial companies to increase profits and improve management;
- board software for governmental companies to provide better governance and hold productive meetings;
- board software for financial companies to get accurate reports and offer the highest level of transparency for any financial issues.
Some board management tools are designed particularly or have features tailored for specific types of boards, for example, for nonprofit organizations. They have additional features like providing lists of donors and integrating with nonprofit software. Actually, board meetings can be different in various industries, and board management software can concentrate on specialized features for every use case. It’s essential for a board to assure that board portal software provides all the necessary features if they want an effective solution.