Board Management Software is a set of tools that are designed to help your board become more efficient and productive. It helps boards of directors perform better and more efficiently by allowing them access to documents and information from anywhere and from any device. This means that board members can spend less time looking through the inboxes of emails and shared files and more time focusing on strategy and governance.
The top board portals offer tools for scheduling and invitations agendas that are dynamically designed with time limits and individuals assigned for each segment of the meeting, embedded references and a variety of collaborative tools, like annotation tools, to improve collaboration and discussion. A majority of systems also have an electronic signature feature to speed up the process of signing documents following meetings.
Boards that use these types of systems typically are being able to meet more frequently and efficiently than those that don’t. The technology also allows you to keep track of actions and follow-up on missed tasks.
There are many different vendors of software for governance on boards which offer a variety of products at varying prices. It’s important to bear in mind that not all software was designed to be the same. For instance, free systems, tend to lack features and don’t always have the features boards require.
In the same way paying for a paid solution can be more expensive than free counterparts in the short run, they can save you time and money by making your board more efficient and effective. It is crucial to evaluate the various systems that meet your requirements and choose one that will grow to meet the needs of your board in the future.