Board Management Software is a set of tools designed to help your board become more efficient and productive. It lets boards of directors perform better by allowing them to access documents and information from anywhere and on any device. This means that board members spend less time looking through the inboxes of emails and shared files and more time focusing on the strategy and governance.
The best boards portals have tools for scheduling and invitations agendas that can be dynamically made with time limits, designated people for each phase of the meeting, embedded references and a variety of collaborative tools, like annotation tools, to improve discussions and collaboration. Most systems offer e-signature capabilities to speed up the signing of documents after meetings.
These systems enable boards to meet more frequently and effectively than those that do not. The technology allows for easier tracking of actions and follow-up on missed tasks.
There are a variety of vendors of software for board governance with a wide range of products with different costs. It’s important to keep it in mind that not all software was created equal. For instance, free systems tend to be less feature-rich and don’t always have the functionality boards require.
Likewise, paid solutions are often more costly than their free counterparts, but they can save you time and money in the long run by making your board more effective and efficient. It’s important to compare different systems against your needs and select one that will continue to improve to meet your board’s evolving requirements in the future.