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Board management software is sometimes called board portals and is designed to simplify the operations of a corporate board. It automates common tasks such as scheduling meetings, sharing documents and distributing meeting minutes. It also provides tools to assist directors communicate with one another both in person and via the internet. Some vendors offer the complete solution, whereas others require users to purchase additional integrations for specific functions. This article outlines five functions of board management software basing their ratings on feedback from verified software users. It also highlights the best-rated products in each category.
The document management feature consolidates and organizes all documents related to the board in one central repository, increasing efficiency and management of information. It also comes with collaboration tools like real-time commenting and annotations, which allow members to read documents at the same time as well as facilitate faster feedback and decision making. This feature is equipped with version control and accessibility controls that allow administrators to set levels of authorization for documents and files.
Security is a key consideration for any company that is considering adopting new software. This is especially relevant when the software is handling sensitive data. Freeware is often available with no encryption or even a weak one. This leaves boards open to data breaches that could result in damages to reputation and financial losses. It is recommended to only choose a product with the highest encryption of 256 bits or greater.
A dependable board management system will reduce administrative work and also save time. This lets more time be devoted to important initiatives and projects. However, choosing the right solution requires careful analysis and research. In addition to assessing the capabilities of every tool, it’s important to evaluate how each tool integrates with your current technology stack.