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From protecting shareholders’ interests to deciding on important organizational issues, a board of directors plays a crucial role in a business’s survival and growth. With responsibilities that can make or break the business, these individuals can’t afford to work in silos, have partial visibility into matters, or (even) accidentally diffuse sensitive information.
A board management software solution is an essential tool that addresses these concerns. It can help the board work cohesively and securely, without the longer turnaround time spent on exchanging information through emails.
In this buyers guide, we will learn more about this solution and its key features. Here is what we will cover:
Board management software is a tool that provides a virtual platform for all members to collaborate on strategic organizational matters, such as drafting policies, reviewing performance, or hiring executives.
By consolidating workflows, the tool helps the board to stay organized and expedite decision-making. It also acts as a database for important documents and information the board might need handy.
There are two deployment options for the software. A general understanding of them and their resource requirements and pricing models will help in selecting the right option for your business.
Cloud-based deployment (SaaS): The vendor hosts the tool on its own or third-party servers and manages the maintenance and support. Users can access the tool on internet-connected devices by paying the subscription fee, which is usually charged monthly or annually. This deployment’s primary benefits are a lower upfront investment and easier on-demand scalability.
On-premise deployment: The user organization takes on the responsibility of hosting the tool on its private network infrastructure, thereby, also taking up the responsibility for its support and maintenance. Only the devices inside the private network or the ones on which the tool is installed directly can access the software. The procurement is typically a one-time per-user license fee. This deployment’s primary benefit is the absolute control over organizational data.
Key question to ask a vendor before you buy: What security measures does your tool have to safeguard the sensitive business information it will have access to?
Knowing the common features of board management software will give an understanding of the basic capabilities to look for when exploring the market.
Collaboration: Allow all members to work on proposals, cast votes, attend virtual meetings, and have discussions through the board portal. They can also assign tasks to each other and communicate through chats.
Calendar management: Share calendar invites for meetings and events with agendas and important documents attached. Users can sync the tool with their webmail systems such as Outlook or Gmail to receive reminders and avoid missing important events.
Document management: Create and share board packages (a collection of documents used during board meetings) with board members. The feature allows enforcing access restrictions on documents and provides greater security than sharing them over emails.
Minutes management: Record attendee lists, dates of meetings, and topics of discussion. The feature helps pull minutes of past meetings for discussions and share them with other stakeholders.
Key questions to ask a vendor before you buy: Does your tool cover all the common features? What additional capabilities does your tool have?
Note: The applications selected in this article are examples to show a feature in context, and are not intended as endorsements or recommendations, obtained from sources believed to be reliable at the time of publication.