The board of directors always “set the tone at the top,” says Harvard Business Review. There is absolutely no doubt that the board of directors lays the foundation of any organizational culture. Their work practices affect the organization at all levels.
However, what do you think are the top traits of an effective board of directors? Three things define how good a board of directors is, and they are:
- How efficiently they communicate and operate
- How progressive their governance and recruitment are
- How high is the level of commitment to information/data’s security
Most importantly, to do everything mentioned above in the right way, board portal software holds the key. But what exactly is a board portal software? What are its features? How to choose the best board portal software? Here are all your answers.
What is Board Portal software?
A board portal software, aka boardroom software, is basically a centralized and highly secure online platform that allows board members to strategize, communicate, and effectively fulfill their responsibilities. It may amaze you that in North America, almost 32 percent of the boards already use board management software.
Board meeting software helps the board members in different ways. For instance;
- It helps high-performance board directors by giving easy access to confidential data/information.
- Board portal software streamlines the overall process, such as preparing for meetings, improving communication between executives and board members, etc.
- With the help of virtual boardroom software, board members can review business files, adopt action plans, and much more than that.
Common Board Portal software Features
Boardroom software offers many features to simplify the communication process between all board members. Here are some of the most important features of virtual boardroom software, such as:
- Voting tools
- Messaging features
- Ability to schedule and host meetings
- Agenda builder
- Meeting minutes
- Secured access to board documents and files
But of course, there are a lot of other sundry features. We’ll investigate them further.
How to Choose the Best Board Portal Software?
Different board portal software providers offer various features. It is up to the management to choose which features do they want in their board software. Here is a complete guide on how to choose the best board portal software for your organization.
Alright, before you start your hunt for your “best board of directors software,” here are a few things you need to do.
- Identify your needs; why do you need this software?
- Consider what features you want in the board meeting management software. Do you need a D&O (Directors and Officers)questionnaire, secure messenger, 24/7 customer support, etc.?
- Consider having a board collaboration software app for Android, iOS, and web browsers.
- Make sure the board software you choose has the right tools for your corporate secretary to collaborate with your board.
- Ask the potential vendor if they provide training. Good board software providers always offer training material, e,g video, guides, etc.
- Always use the free trial option. This allows you to analyze whether this software suits your organization or not.
- Remember that board portal software comparison is a must-do thing. Look for different vendors, what they are offering, and how much they charge?
- Don’t forget to read different board meeting software reviews. Customer reviews will help you identify the benefits and shortcomings of that vendor.
Three Important Things to Consider While Selecting Board Portal Software
Security: Is the Board Portal Software Secure?
Board members have access to highly confidential information about the company. Where technology has revolutionized businesses, it has created room for data thefts as well. For instance, if you choose a low-quality vendor for your board of directors portal software, online hackers may hack into it even before you know it.
Always go for those board portal providers that offer you impeccable security. But, make sure the software is user-friendly as well; you surely don’t want to put your board members in trouble.
Board of directors software will be a wasted investment if it is not easy to use and has less adaptability. It would be best if you go for a software that is:
- Easily accessible from multiple devices
- Offers live support at any time
- Easy to use
- Allows the board members to annotate and read board material with maximum comfort
Service and Reputation
There are dozens of options available in the market; does that mean every option is suitable for you? Certainly not. Look out for a vendor that really understands your “pain points” and can offer a solution accordingly. Ask yourself these questions:
- How good is the customer service of the specific software provider?
- Has the vendor won any customer service awards?
- Does the board portal provide regular customer support?
And most importantly, always go for board portal software comparison. Try to explore multiple options, their pricing, and the features they offer.
The board software is simply an ideal solution for all the needs of board members. When it comes to security and efficiency, online board meeting software is an all-in-one option. The ease of setting board members’ meetings, access to meeting materials, better collaboration, efficient communication, and assistance in fulfilling organizational governance responsibilities make this software an automatic choice for organizations.
In fact, more and more business organizations are switching to committee meeting management software due to its growing popularity in every sector. Private corporations, public companies, non-profit organizations, business enterprises, government institutes, and other various industries have been adopting this technology. Not only that, board of directors management software is highly welcomed by medium and small-sized businesses as well.
However, as mentioned above, to get the maximum and desired results, it is imperative to choose the right one for your organization. While choosing the paperless board meeting software for your business, there are certain elements that you must consider, such as:
- Your business needs
- The standard and custom features you want in your board portal software
- Summary of board portal software reviews about different vendors
- Board portal software comparison; reaching out to different vendors and doing a cost-benefit analysis
- Availability of a “free trial” option
The middle and lower management always looks at the board of directors for inspiration. Equip your board members with futuristic technologies and allow them to set a unique work culture in your organization.