5 signs you need board management software
Good board management is an integral part of good corporate governance. Unfortunately, many organizations are failing to leverage new technology such as board management software which can help when planning meetings, communicating with directors, and carrying out votes and surveys. To improve productivity, planning, and security, implementing a board software program is essential.
If you’re overwhelmed with paper documents or endless unsecured emails, spending long hours preparing for meetings, and failing to engage your directors, it’s time to make a change. Discover below what the signs are that you need to start using board management software immediately.
What is board management software?
Board software such as Computershare’s BoardWorks™ allows you to easily manage all board-related documents and activity in one place. Some of the things administrators and directors can do with this software include the following:
Assemble board books virtually, reducing printing and delivery costs
Share, review, and annotate documents online
Protect documents with bank-level security
View digital meeting evaluations
Manage several committees at once
Essentially, this type of management software allows your board members to stay better connected to the boardroom from anywhere. It optimizes time management, increases productivity, and improves meeting preparation.
5 signs you need board software
There are several tell-tale signs that it’s time for your organization to adopt board software. If you’re experiencing any of the issues listed below, you may want to rethink your current management processes and make the switch to a board portal.
Your board meeting notes and documents aren’t secure
Storing meeting minutes, corporate documents, financial reports, and board resolutions on local hard drives or in filing cabinets, creates an unnecessary security risk. Board documents often contain sensitive information that should only be shared with approved individuals.
With a board platform, you’re able to store all relevant files in a secure area so that only intended users can view them. Administrators and directors can set up additional controls such as multi-factor authentication and biometric login so that no third parties can access the portal.
Best of all, instead of distributing documents over unsecured platforms like Outlook and Gmail, you can share important files on the portal and control who can view them. You don’t need to worry about unencrypted emails being accessed by third parties. So, when you need a director’s signature on a document, you can send the file via the board portal to the director, who can quickly and easily sign it via the board’s desktop platform or mobile application.
You’re drowning under a mountain of paper
Using paper documents for board management is fast becoming an outdated practice. Not only is it bad for the environment but paper documents are costly and physical filing is extremely time-consuming.
Board software allows you to store and share board meeting agendas and documents online. You won’t need to print and bind hundreds of pages to prepare board books for directors. Moreover, directors can annotate and sign documents virtually, reducing the number of signed paper copies you need to store physically.
By making all your documents virtual, you’ll better comply with ESG policies and save yourself time and money when preparing and managing documents.
Your directors attend meetings remotely
Times have changed and most board meetings now offer the option for directors to attend virtually. If you host board meetings via Zoom or Microsoft Teams, then you need board software that allows directors to view board books alongside virtual meetings.
With BoardWorks, directors can receive meeting information prior including the board book document and a URL link to the online meeting. They can then view the board book , make annotations online, and be fully prepared before the meeting.
Moreover, with the BoardWorks iOS app, directors will enjoy a split-screen view which allows them to follow the meeting and scroll through the board book simultaneously.
Your records are scattered everywhere
Staying on top of your board documents can be a complex task. From meeting agendas and minutes to general reports and board resolutions, ensuring you have all these records properly stored and organized is no easy feat.
Utilizing board software will improve your record-keeping since you’ll be able to store documents in a centralized virtual location instead of across various folders. After meetings, you’ll be able to immediately upload and share post-meeting documents and voting outcomes with board members. You can say goodbye to the days of scanning and emailing documents to board members before manually filing them.
Another benefit of board management software is, should your company undergo an audit, you won’t need to spend time gathering documents. They’ll already be stored in one place for easy access.
Your meetings lack structure and engagement
Do your board meetings feel stale or unfocused? This could be due to a lack of meeting preparation or because board members are unable to find documents containing the necessary information, meaning they are not well-informed or able to fully participate.
With board management software, directors can review documents and old minutes before upcoming meetings to ensure they are up to date with essential information. Administrators can also include references on virtual board books, allowing directors to instantly access documents via the portal so that they can find necessary background information during a meeting, should they require it.
Discover how BoardWorks can improve your board meetings
Do you suffer from any of the issues listed above? If so, you need BoardWorks. With Computershare’s dedicated board portal, you’ll be able to:
Simplify processes such as meeting and board book preparation
Provide access to important information with an advanced search feature
Offer online surveys and voting
Enable e-signatures to speed up the document signing process
Provide access to the portal from desktop computer, tablet, or mobile
Not only does BoardWorks offer a ton of features that allow you to simplify meeting preparation and increase director engagement, but it is a cost-effective tool in comparison to traditional board management processes. You’ll pay a fixed price for access to the entire portal and its tools, saving you money on document printing and meeting planning. You’ll also be able to securely store all relevant documents and set up custom access controls for directors.
If you’re interested in learning more about BoardWorks and how it can improve your board management, download our white paper or get in touch with one of our representatives for a demo.