A meeting of a large company’s committee or board of directors is a huge number of documents, hundreds of pages, sometimes up to 900. It is unrealistic to process such a volume. This article will explain how to use board portal software to optimize and automate the activity and data management of the boards.
How to manage data efficiently with the board software?
One of the most serious problems that affect the collegial bodies’ productivity is the fact that participants do not have enough time to get acquainted with the materials before going to the meeting. High executives have very tight schedules and very little time. Therefore, modern companies use innovative digital platforms to organize the activity of the board of directors online. All materials are available in advance in a boardroom – from the moment the meeting is prepared, and it is possible to work with materials offline. The desired document can be found and displayed on the screen in a few seconds. You can read it, comment on it, leave some annotations, and share this annotation with your colleagues. It increases the effectiveness of the preparation for the meeting. The top board management software includes Boardable, BoardEffect, Diligent, and Nasdaq.
Often the preparation of the board meeting is carried out in the document management system. In this case, integration between the board portal and the company’s document management system is possible – so that the preparatory work done in the document management software is transferred to the board portal at the click of a button. Further, in the boardroom, the work of managers takes place – acquaintance with the materials, in-person and absentee voting, decision-making, and assignment of instructions. If the executors of instructions are outside the board portal contour, their execution goes back to the data management software.
Valuable software features in terms of data management
Building a better board of directors involves providing its members with the tools they need to do their jobs effectively. The board management solution was designed with the aim of making board meetings more efficient, allowing them better accountability and transparency. So, there are the following usable board software features that help to organize productive data management during online board meetings:
- Notes and communication
On the board portal platform, you can communicate securely in different ways. If you made notes in a document, you could share them with anyone with access to it. There is also a discussion forum where you can create polls, formulate open-ended questions and discuss sensitive topics.
- Meeting minutes and electronic signature
In the board portal, you can capture meeting minutes next to each meeting in the board calendar. Once the minutes have been created and approved, they can be electronically signed in the service. You can select who should sign the minutes. You can enable an optional extra layer of security with a one-time password. It is a simple and secure way to quickly get documents signed by the right people, no matter where they are.
- Data tracking
The advantages of having an executive board and supervisory board documents available online or offline on your mobile device are already well known. But few ever-busy board members can afford to go through an entire document in a single pass. With governance tracking, boards can now record their members’ attendance and measure how efficient board members/committees are by tracking how often and for how long documents are opened.