Board Portal Comparison: Key Features and Criteria
Like many other industries, board management is becoming more complex than ever before. Board directors are also being held more accountable than ever before. While technology has brought some of the complexities to the forefront, technology also provides solutions that help boards to streamline basic processes. The more time and energy that boards can save on routine matters, the more time they have to spend on urgent or pressing matters.
Risk management, especially as it pertains to cybersecurity, is a major issue for all types of board directors. Another topic that is causing board directors to stay up at night is the issue of board composition. Today’s boards are being held accountable for having diversity, as well as the right balance of skills and talents, on their boards. Best practices for board management continue to evolve in the wake of drastic economic and corporate changes.
Board matters can often be time sensitive. Board management software makes it possible for communication and collaboration across the miles, often without having to schedule a formal in-person board meeting, so that boards can address urgent matters in the timeliest manner possible.
From the standpoint of accountability, boards are being held accountable for failing in their fiduciary duties and for making errors and omissions, as well as failing to provide proper oversight.
Boards have many choices in selecting board management software. The right program assists boards in all the important duties and processes. With many board management products failing to evolve along with changes in the business world, BoardEffect offers modern board management software, which is in keeping with the changes that are occurring that bring the need for more streamlined board processes, while other board management companies are simply becoming outdated.
The right board management platform requires a modern approach to the issues that boards are facing.
What Is a Board Portal?
Board management software, which is also sometimes referred to as board portal software, is a platform that provides formats and programs for various parts of board management and governance. A board management software program provides electronic templates and processes for setting up agendas, scheduling meetings, taking minutes, ensuring compliance and preventing oversights.
Board management software covers all the important bases of a board’s work to help them operate in a more organized fashion. The result is greater effectiveness, increased efficiency, better organization and increased timeliness.
Board management software has become a necessity in today’s environment. Boards must consider their options fully and choose wisely when conducting a board portal comparison for board management software to meet their needs and allow them to do their jobs at maximum performance.
What Are Some of the Common Features of Board Portal Software?
When you break down all the processes and functions that board members use on a regular basis, it’s easy to see why it’s so necessary to implement a modern board management software program.
Across the board, security is a major issue for boards. Personal and business email accounts lack the necessary level of security for board business. BoardEffect’s board management software includes state-of-the-art security so that boards can communicate securely through email. Tech companies have also produced a number of electronic apps for file-sharing. Boards should be aware that most of them are free and, as such, these companies cannot afford to offer the necessary security features that boards need. Standard file-sharing apps were designed with general public use in mind. With BoardEffect’s system, there’s no risk of a data breach when sharing sensitive files.
Busy board directors must keep track of many meetings and other obligations. It’s crucial that they have efficient scheduling tools and shared calendars. Automated emails and notifications allow board members to handle one activity, schedule reminders and get on with the rest of their business.
From an organizational standpoint, it’s important for board directors to have a handy online board member directory where they have information about other board members at their fingertips. An online board member section should include contact information, title or position, and biographical information for easy reference. An online directory could also include information on committee members and chairs.
A board management portal system is an excellent setup for executive committees, audit committees, risk management committees, nominating and governance committees, and during times when mergers or acquisitions may be looming.
Boards deal with thousands and thousands of documents. Modern governance solutions require the security of cloud-based document storage systems. BoardEffect considered this and offers highly secure, unlimited document storage. Board directors can share any document they wish before, during or after board meetings with BoardEffect and note that it will arrive at the recipient’s location safely and without incident.
When sharing documents, boards sometimes also need to share their comments and annotations. With BoardEffect, board members can share any document with or without markups and know that they’re equally safe in transit as they are in storage.
Where you find board directors today, you will likely also find multiple electronic devices. Board directors have evolved well beyond the Palm Pilot and are becoming more and more acclimated to how to use various electronic devices to assist them with board business. Board directors can be assured that they can use BoardEffect’s features and processes on their mobile devices while they’re on the go and know that they have the same strong security measures as with the board portal system and the other programs. Be sure to consider the importance of mobility when conducting a board portal comparison.
Data breaches continue to make headlines, creating big headaches for corporations and other organizations. With BoardEffect, board directors can be assured that documents have end-to-end encryption that’s compliant with the current recommended IT standards. BoardEffect’s products also comply with best practices and government regulations.
With BoardEffect, boards also get complete control over who has access to various parts of the portal. One of the many benefits of the program is being able to set up granular permissions where boards can extend rights and permissions as they choose on a temporary or permanent basis.
If there’s ever a question, BoardEffect is available 24/7 and 365 days per year for award-winning customer service and support.
The best place to start in comparing board management software programs is with a modern governance solution like BoardEffect. Nothing else compares.