Technology has sped up communication, which has put demands on boards of directors to do business in new ways. For example, boards can no longer solely rely on printed board packets before meetings to stay current because of the development of cloud technology and easy access to critical papers online.
A growing number of boards of directors have turned to board management software to simplify administrative tasks and make information easier to obtain for board members as they become more aware of the difficulties in keeping information current and available.
Top Advantages of Adopting Board Management Software
Rapid Access to Critical Board Information
Board members have access to all the crucial data required to properly consider and make decisions, thanks to board software.
Traditional boards are frequently restricted to the printed materials offered for certain meetings. As a result of the switch to the board software, board members now have safe, remote access to crucial documents like:
- past minutes of meetings;
- plans for the future;
- policy guides;
- orientation resources;
- reports on audits.
Instead of asking questions or requesting more documents from administrative staff during a meeting, board members can swiftly browse through previous documents to locate the answers they need.
Streamline Board Management
The amount of time needed to prepare for meetings can be cut in half using board management software. All papers are uploaded to the cloud rather than being printed, put together, and shipped on paper. As files are uploaded, they are automatically converted to PDF.
Draft meeting books can be saved by administrators until the published version is complete.
Administrators may also set up committees, call meetings, ask for votes, do surveys, and share files, thanks to board software. The agenda for a meeting can be created once and saved as a template.
Additionally, since updates can be done rapidly and distributed immediately, board software eliminates the worry of last-minute alterations to meeting materials.
Increase Board Member Participation
Collaboration among members is no longer limited to board meetings. Committee members can submit feedback as their schedules allow while adhering to set deadlines.
Board software can help managers keep projects on track and even lessen the need for regular meetings rather than depending only on arrangements to create urgency around choices.
Members may access relevant documents from wherever, which brings us back to our initial point. This means that a board member can swiftly communicate information as needed by referring to materials on their mobile device as time permits or dialogue demands.
Board members can turn to the information at their disposal to clarify a situation without waiting for a policy handbook or bylaws.
Control Information Access
Specific controls over who has access to what information is provided by the board software.
Administrators have simple access to change profiles, add or remove users, and help users who have forgotten their passwords. One or more committees may be appointed to members. Only the members of the committee have access to secret committee information.
The automatic archival or deletion of meeting materials can be planned. Administrators can share papers with particular members of a committee by setting permissions at the document Level.
Administrators can change settings to meet the security needs of their company, such as enabling or disabling annotations, emailing, and printing.
Cut Back on Board Administration Expenses
As we previously noted, before meetings, boards often spend a significant amount of time and money printing, packaging, and delivering board packets. With board software, information is promptly and securely distributed to members, greatly cutting distribution time and costs.
Companies that use board software see a significant return on their investment just from labor and material cost savings. Additionally, with the current emphasis on green initiatives, cutting back on paper also benefits the environment and builds support among important stakeholders.