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Board management software is a digital tool for boards of directors and their administrative support staff to aid in the preparation of meetings, distribution of documents and distributing important information. These software are typically paper-free and allow users to collaborate and connect remotely using a browser or dedicated mobile app. The best systems include features that allow you to record and manage meetings, establish agendas, share documents and collaborate on them in real-time. They also allow the recording of meeting minutes, keeping track of the versions of documents and monitoring the compliance of specific regulations or legal requirements according to the industry.
The selection of a great board portal should be based on a thorough evaluation of the needs throughout the board’s life cycle, including the chair and board members including the CEO and management. Most often, the decision is motivated by one or two urgent issues such as security, cost reduction and efficiency but a comprehensive assessment should be carried out to ensure that the net benefits are greater than the costs.
A top board management software should include the following characteristics:
Secure data storage – Many providers provide cloud-based or physical services with secure encryption. The former comes with more stringent standards, and also certified physical security. It should be possible to store the entire documentation of a conference, not just PDFs and emails. The software should be able to prompt good practice, such as including key discussions and important decisions prior to the agenda and including safety and health issues.