Modern companies look for new alternative ways to organize the activity of executive bodies online. Boars software is a secure data center for committee work and sensitive meeting documents.
The purpose of the board software
Digitalization has become an active part of our lives and has become one of the main tools for achieving business goals. For example, only 5% of board meetings were held remotely before the pandemic. This figure has now risen to 95%, and studies show that more than 50% of boards of directors will follow a hybrid meeting model using board software even after the pandemic.
The virtual platform where board members can communicate and collaborate on specific strategic issues can be called board management software. These strategic matters can include developing policies, servicing stakeholders, hiring executives, reviewing performance, etc. For example, in the board software, you can link meeting agenda items with the associated documents and make them available to the meeting participants via protected access. It allows you to bundle all relevant information in one secure digital place. In addition, the software offers the possibility, especially for assistants, to set appointments collaboratively and send invitations to meetings.
Here are some of the typical features of a board management tool that can help your business.
- Scheduling board meetings: The portal includes more straightforward automation tools to send or receive proposed meeting emails and other visual aids, including calendars.
- Member directory: Information about each board member such as name, address, contact, position, etc.
- Virtual room: Conducting online discussions and meetings, as well as permission and access controls.
- Committee management: The software promotes smooth communication and organization of board committees such as executive committees, audit committees, committees on acquisitions and mergers, etc.
- Collaboration tools: Using tools like task assignment, commenting, file history, track changes, etc., stakeholders can collaborate on proposals and documents.
- Document management: It is better and more secure than sharing files via email. It allows documents to be uploaded and selectively shared during, after, or before a board meeting.
- Guest management: These features allow you to create and manage guest accounts to extend access rights and privileges to non-board members, auditors, and other permanent or temporary executives.
- Feedback collection: It is equipped with tools to automate the feedback compilation and promotion process.
The best board software vendors
Thanks to the board portal, all participants are always well prepared for the meeting. Thanks to quick access to the latest information, the participants always have an optimal overview and can store notes directly in the documents in the tool. So, the current global IT market presents many useful digital solutions to improve board meeting effectiveness, collaboration, and decision-making. Among the leading board software providers there are:
Board software security standards
Supervisory boards and management boards are responsible for company monitoring and management and, in this function, usually, work with strictly confidential information. The security of a board portal is, therefore, a crucial factor. It is important to ensure that all data is encrypted on the server when it is sent and on mobile devices, as well as 2-factor authentication, dedicated rights management, effective operator protection through the use of sophisticated defense mechanisms against unauthorized intrusion by operators through technical and organizational Measures and, at best, an official certification of the solution, for example, according to the ISO 27001 standard, is guaranteed. In addition, consistent logging of all processes is recommended with a view to compliance and liability risks for supervisory boards and executive boards.