3 Best Board Management Software & Buyers Guide
Board management portal to empowers, protects & manages board activities on cloud platform making task management, documentation communication simple & secure
Knowa delivers structured & secure communication, meeting pack functionality to senior teams & boards, follows strict Governance Policies & Unique collaboration
Structured meetings for managerial or governing bodies, Management committee, Task-force, Council, operational, functional team make Decisions Action initiated
Board Management Software
Board management software is a tool which helps an organization’s board of directors manage the responsibilities of strategic planning and performance reviews. It offers a virtual platform for the board to prepare for and hold meetings, record minutes, share and review documents, and vote on business affairs. It also performs as a database for crucial documents and information the board might need to have handy.
Benefits of Board Management Software
Board management software offers a virtual platform which will bring users together. While the consolidation provides to help in a general overview of ongoing tasks to every user, its virtual nature offers them to collaborate even if they are located in various locations.
The solution offers users to remain well organized by observing and getting updated versions of documents, storing the minutes of each board meeting, and storing essential contracts and documents.
Reduced turnaround time:
The software offers to help avoid spending time on emailing documents, printing or shipping board packages which is a collection of documents required during board meetings, and securing & searching for essential documents and contracts for Adhoc requirements.
Features of Board Management Software
Allow board members to participate in meetings, give their consent on business issues, and add comments to documents.
Store, share, and review documents. Upload board packages and attach them to the schedule of board meetings.
Record minutes of board meetings and share them with all stakeholders. Pull up minutes of previous meetings for discussion.
Sync webmail systems to send emails and view and respond to meeting/event invites.
Price of Board Management Software
Most products available in the market are priced on per user, per month basis and can be divided into three pricing tiers based on their starting price. The premium product is rated higher and include additional features like chat options, document editing, and accounts management.
Points to ponder while buying Board Management Software
Check for cybersecurity features:
A board management tool has critical business data that must be guarded and protected against cyber attacks. Make sure the software you as a user select has SSAE16, AT101, or similar accreditations. Features like auto-expiration of documents or expiration after a defined time frame can also be helpful.
Since directors usually have a tight schedule and limited time, it provides for help if the software vendor can have timely resolutions for technical glitches. Moreover, as directors are often in different locations, check that the vendor provides customer support in the required areas.
Board Management Software Trends
AI for automating activities:
Artificial intelligence (AI) can automate approximately 50 % of non-executive director’s (NED’s) responsibilities. These responsibilities may be like,…. reviewing proposals, helping with investment decisions, and participating in board deliberations.
Blockchain for verifying company accounts:
Blockchain can verify, almost instantaneously, if company accounts and financial statements comply with required accounting standards. This will eliminate the board’s responsibilities concerning audit, compliance, and reporting.