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.
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 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.
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.