Why Use Board Management Software?

Board management software enables an optimized, secure environment for boards collaboration. In this article, we will consider in what way this kind of software may be useful.

The purpose of board management software

Companies that have entered the digitization phase and are taking advantage of open communication and documents that enable collaboration are on the right track. Electronic communication makes it possible to streamline work – but not without costs.

A board of directors needs a lot of collaboration – with other board members, committee members, and foundation staff. That collaborative work requires the ability to review, comment on, and even vote on an enormous amount of material. Today it can be reached via an online format. For this purpose, board management software was developed.

In addition, participants must prevent sensitive or confidential data from being exposed to hackers and other unauthorized parties. The above point is extremely important, especially when you consider that board members and executives tend to be on the go a lot. An ongoing study launched by HBR in 2006 and published this year2 shows that about half (47%) of a CEO’s job was done at corporate headquarters. The rest of the time, CEOs worked at other company locations, for example, while meeting external customer groups, commuting, or working from home. The ability to review and securely access information from an upcoming meeting or archives containing information from previous meetings is a critical factor in the success of any board meeting.

So, managers and board members must be able to take their notes on company-related and non-company-related documents at any time and from any location. They need to be able to prepare for meetings at any time. This cannot be done safely or effectively with paper or with a desktop system.

All these facts confirm the significance of board portals. To streamline the meeting processes and regain efficiency through technology, board and management portals were created. This is particularly noticeable in the following points:

  • Defining agendas;
  • Organizing all documents in the right place;
  • Keep meeting participants informed.

How does it work?

Board management software is a ready-made communication solution for business, for the implementation of which Internet technologies, data center servers, and cloud data storage are used. The company’s Internet telephony allows to improve the organization of work processes and reduce communication costs.

At the organizational level, board software is designed to serve:

  • expanding contacts within the company;
  • increasing mutual understanding within working groups;
  • improving the search for the necessary information;
  • effectiveness of asynchronous discussions;
  • prompt response to a request for support within the company;
  • promptly informing all employees about important events for the company, the general cultural context of activities.

Board software advantages

Online collaboration via boardroom software has undeniable advantages over standard events:

  • Substantial monetary savings. Online meetings can help you reduce costs on travel, accommodation, rental space, and more.
  • Combining several functions in the process. Users can not only watch the demo recording, listen to and perceive information, but also chat, participate in voting, visit other websites, which is not possible in regular classes.
  • Unlimited listeners. If the size of the audience or conference room often does not allow accommodating everyone, then the limits of the Internet space do not know boundaries, which means that any number of people can attend the webinar.
  • Large geographic coverage. You can watch an online seminar anywhere in the world, having a computer and the Internet at your disposal.