Board management software is a system which allows board members to collaborate, conduct meetings, and follow-up on action items after meetings. These tools can be used differently based on the needs and requirements of the organization. They also aid in improving the governance process by encouraging board member participation and helping to make better business decisions.
As opposed to traditional conference calls, board portals are designed with secure communication technology that keeps information confidential and prevents data breaches. They also eliminate the need for administrative assistants to gather and send meeting materials to board members. Instead, these systems make all the information needed at the access of every board member. This reduces the time required for preparation and allows boards to focus more on strategic issues.
A company can also save money by using board management software to organize and conduct meetings. Implementing this technology, for example, allows for more efficient virtual and hybrid meetings. It also reduces the necessity to mail or courier documents for board meetings. Furthermore, a company can save on the expenses of booking travel and accommodation for board members. The software can also be accessed from any device with internet connectivity.
Beyond these functions Board management software also has many other features that make it a vital tool for companies. It can be used to store and organize important documents, like committee reports and fact sheets. It can be used to manage financial reports, HR reports and legal reports. It can be integrated with file sharing platforms like Dropbox and Google Drive, allowing users to upload their documents quickly. This kind of software includes a note-taking feature that allows board members and other participants to write down important information during meetings.