Board of directors software: How to choose the right tool for your board
Using the right tool for your board can improve your board's performance. This article highlights the benefits of a board portal and details the criteria for choosing one.
Today’s board members need to adapt to a wide range of challenges: New technology, security threats, geopolitical and economic issues and, of course, emerging issues such as ESG (environmental, social, and corporate governance) and GRC (governance, risk management, and compliance). For this reason, it is essential for the board of directors to be fully digitalised so that it may use the right technological tools to manage both governance and board meetings efficiently, securely, and compliantly.
A board portal designed specifically by experts who understand and consider the needs of board members increases efficiency and provides a methodology for implementing best practices in governance and board meetings. In addition, this type of board of directors software is constantly evolving in terms of functionality, ensuring the highest level of data security and process compliance.
In this article, we outline why your organisation should move towards using a board portal and detail the benefits of doing so. You can also download a free guide that outlines the different criteria you should consider when choosing the best tool for your board of directors.
Board of directors software: Why are they so important?
Today’s boards of directors are under constant pressure to increase efficiency and are responsible for overseeing an ever-growing range of issues. The challenges facing board members have recently been further heightened by the COVID-19 pandemic and the current geopolitical crisis. To return companies to a path of growth, the board’s contribution is crucial for success.
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In order to overcome these challenges and handle the new hybrid world, the vast majority of companies have already dematerialised their board – the first step towards a successful future. However, dematerialisation (in the sense of switching from paper to digital) is not enough. Using a myriad of digital tools within the board actually creates problems, for example, working in silos and exposure to security breaches. The only viable solution for the future of governance is to completely digitalise the board of directors in a centralised, secure, compliant and efficient manner. This is where the board portal comes in.
Using a board portal comes with many advantages, including:
- Centralised and more efficient board meeting organisation
- Faster creation, annotation and distribution of documents (including agendas and minutes)
- Improved document and information control and security
- Transparent and asynchronous communication between board members
- Streamlined drafting of board documents (e.g. minutes) in accordance with regulatory standards
- Board member access to current and past information from any location at any time
- Searchability of archived board records
- Improved decision-making, execution, task tracking and governance
- Reduced paper use and waste: leading digitisation by example
- Significant time and efficiency savings for all board members
- Increased board flexibility in the event of upheaval
For the board of any company, be it private, public, non-profit, or government, a fully integrated governance solution, such as a board portal, enables the organisation to address any challenge, crisis, or opportunity with flexibility and strategic precision. Equally, such a board of directors software is essential for ensuring a holistic view of governance, risk mitigation, regulatory compliance, and ESG initiatives.
Still unsure whether a board portal is right for you and your company? If you want to know more about:
- The benefits of a board portal for your company
- The specific benefits for each board member
Read the complete guide here: The complete guide to board digitalisation and board portals
How to choose the right board of directors software?
Once you are ready to select a board portal, it is essential to identify a board of directors software that will provide a smooth and secure user experience.
This applies to the board members who will use the tool directly, but also to the secretary general, the legal director, the risk and compliance teams, as well as the administrative and legal professionals who will use it.
When selecting a board portal, we recommend that you pay particular attention to the 5 following key criteria:
- Board meeting management: optimise meetings from preparation to follow-up and make better decisions
- Security and compliance: protect yourself from cyber-attacks, secure your documents and data, and maximise your organisation’s profits
- Functionality: save valuable time across all your board processes and focus on the essentials
- Solution adaptability: make your daily work easier
- Reputation and service: rely on a supplier you can trust
Next, we will break down each of these 5 criteria to understand why they are so crucial in the section of a board portal and how you can ensure these criteria are met.