Board Management Software
What is Board Management Software?
Board management software is a type of software that is designed for streamlining communication and collaboration among board of directors and executives. With features that allow it to facilitate communication, manage documents, and schedule meetings, board management software can enable boards of directors to work more efficiently and effectively.
The software centralizes information and automates routine tasks, thereby freeing up valuable time and resources for board members to focus on strategic decision-making.
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Types of Board Management Software
There are various types of board management software based on their features and functionalities. They are:
Meeting Management Software
The board meeting management software is designed for board communications. It allows board members to organize, schedule, and manage meetings. It offers features such as creating agendas, scheduling meetings, sending notifications, and managing board meeting minutes.
Document Management Software
This software allows board members to store, share, and manage board documents securely. Its features include access control, document version control, and audit trails.
Communication Management Software
Communication management software is designed to facilitate communication between board members and typically offers messaging, video conferencing, and collaboration tools.
Voting and Polling Software
This type of software streamlines the voting process for board members. It provides features such as poll creation, electronic voting, and vote counting.
Task Management Software
Task management software enables board members to manage tasks and assignments. Its key features include task creation, assignment, tracking, and reporting.
Compliance Management Software
Compliance management software helps board members to ensure compliance with legal and regulatory requirements. Its features are compliance monitoring, reporting, and audit trails.
Project Management Software
Board members are enabled to manage and monitor projects using the project management software. Features include project planning, scheduling, budgeting, and resource allocation.
Workflow Management Software
This type of software optimizes board processes and workflows by offering tools that automate and streamline routine tasks and processes. Its features are workflow design, automation, and reporting.
Board Reporting Software
Board reporting software allows board members to create and distribute presentations, reports, and other materials for board meetings and other board management activities. Report creation, formatting, and distribution are features it offers.
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Benefits of Board Management Software
Using board management brings about a lot of benefits. Some of them are:
Increased Efficiency
Board management software simplifies workflows, automates processes, and reduces administrative tasks, resulting in increased efficiency and productivity.
Improved Communication
Using board management products lead to improved communication among board members, enabling real-time collaboration, sharing of information, and efficient decision-making.
Easy Access to Information
Board management software offers easy access to documents, reports, meeting minutes, and other board-related information from a central point, aiding collaboration and knowledge-sharing.
Improved Compliance
Organizations’ boards are enabled to operate in compliance with legal and regulatory requirements via board management software tools designed for monitoring, reporting, and tracking compliance-related activities.
Better Decision-Making
Board management software provides access to data, analytics, and reports in real-time, enabling board members to make informed decisions quickly and effectively.
Cost Savings
Board management software reduces the need for paper-based documentation, eliminates manual administrative tasks, and reduces travel costs associated with board meetings.
Increased Transparency
These software products provide visibility into board activities, allowing stakeholders to keep track of progress, monitor outcomes, and ensure accountability.
Improved Board Governance
Board management platforms facilitate good governance practices, such as transparency, accountability, and effective decision-making, which lead to better overall performance and outcomes.
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Key Features of Board Management Software
The most common features of board management software include:
| Key Features |
Description |
| Meeting Management |
This feature allows boards to schedule and manage board meetings, prepare agendas, and manage meeting minutes. |
| Document Management |
This allows for storage, sharing, and management of documents securely, including version control and access control. |
| Communication Tools |
This feature facilitates communication between board members and entails instant messaging, video conferencing, and collaboration tools. |
| Voting and Polling |
The voting and polling feature allows boards to streamline voting procedures, including online voting and poll creation. |
| Task Management |
This feature aids the management of tasks and assignments, such as task creation, assignment, tracking, and reporting. |
| Board Portal |
This is a centralized platform feature for board members to access and manage board management activities. |
| Compliance Management |
This feature ensures boards’ compliance with legal and regulatory requirements, including compliance monitoring, reporting, and audit trails. |
| Project Management |
The project management feature offers the ability to manage and monitor projects, to include project planning, scheduling, budgeting, and resource allocation. |
| Workflow Automation |
This feature makes it possible to automate and streamline routine tasks and board meeting processes, including workflow design, automation, and reporting. |
| Reporting and Analytics |
The reporting and analytics feature enables boards to create and distribute reports, presentations, and other board materials for meetings and other board-related activities. |
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Cost of Board Management Software
The cost of board management software is not fixed but varies across types and software providers. What users pay to access them is often dependent on the following pricing models.
Per User
This is based on the number of users who will access the board management software, the more the number of users, the higher the cost.
Tiered Pricing
This is based on the level of features and functionality included in the board management software. Higher-tiered packages often include more features, and therefore, cost higher.
Subscription-based
Users pay a monthly or annual fee to access some board management software in subscription-based pricing.
Per Meeting
Some board management software pricing models let users pay for each meeting they attend or create using the board management software.
One-Time License
For this model, users pay a one-time fee for a perpetual license to use the board management software.
Custom Pricing
This model may be ideal for large organizations or those with unique requirements because they can have the software modified to their specific needs and pay for it accordingly, usually via credit card.
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Popular Board Management Software Products
There are many popular board management software products available. Some common ones are:
This is a cloud-based board engagement product that offers meeting management, task management, document management, and collaboration tools.
Diligent Boards is a secure board portal that provides meeting management, communication tools, document management, voting and polling, and task management.
This board management software provides document management, agenda and meeting management, communication tools and other board meeting materials.
OnBoard is a board portal that offers document management, meeting management, communication tools, voting and polling, and task management.
Aprio is a meeting tool or software that provides meeting management, communication tools and document management.
This board portal provides features including meeting management, document management, communication tools, and voting and polling.
This is a secure collaboration platform that offers project management, document management, and communication tools.
Passageways Onboard provides communication tools, meeting management, document management, and voting and polling.
A board portal, Directorpoint offers meeting management, document management, communication tools, voting and polling, and task management features.
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Important Board Management Software Integration
Some important board management software integrations are outlined below:
Microsoft Office Suite
Integration between board management software tools and Microsoft Office Suite allows users to easily create and edit documents, spreadsheets, and presentations.
Google Suite
Board management software solutions integrate well with Google Suite to provide seamless access to Google drive, Google Docs, Sheets, and Slides.
Dropbox
An integration of board management software with Dropbox allows board members easy access to and share files and documents, without having to worry about version control.
Salesforce
Especially for non-profit organizations, integrating board management tools with Salesforce can be beneficial, as it enables board members to view and analyze data related to fundraising and donor management.
DocuSign
Electronic signature software tools like DocuSign can be merged with board management software to enhance the signing of important documents, such as meeting minutes and resolutions.
Zoom
Integrating board management software with video conferencing platforms like Zoom is particularly useful for remote board members who are unable or unavailable to attend in-person meetings.
Slack
Integrating communication platforms like Slack with board management software can help board members stay connected and collaborate more efficiently, regardless of their respective locations.
Trello
An integration of board management solutions with project management tools such as Trello can help boards organize and prioritize tasks and projects.
QuickBooks
Merging with financial management software tools like QuickBooks can help boards stay on top of their finances and ensure that their budget and expenses are in order.
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Potential Issues with Board Management Software
Some issues may arise when board management software solutions are used. Some of them are:
Security Concerns
Board management software typically contains sensitive information, such as meeting minutes and financial reports, a breach of which could lead to serious consequences for all parties involved.
Compatibility Issues
Certain board management software may be incompatible with some operating systems or devices, which can result in problems for users who need access to the software from multiple devices.
User Adoption
If board members are resistant to adopting new technology, especially if they are accustomed to using traditional means of communication and collaboration, it can lead to a lack of engagement with the software and a failure to realize its potential benefits.
Complexity
Board management software products can be difficult to navigate and use, especially for users who are not tech-savvy. This can lead to frustration and confusion, and may deter users from using the software altogether.
Training Requirements
Since board management software can be tedious to use, it may take significant training and onboarding for users to become proficient. This can be both time-consuming and expensive, and may require dedicated resources to ensure that all users are sufficiently trained.
Integration Issues
Board management software usually needs to be integrated with other software systems for the best outcome. This can be difficult or even impossible to achieve if there are data syncing issues and may require additional technical support.
Cost
It can be expensive to use board management software, especially for smaller organizations with limited budgets. So, it can be difficult to justify the cost, especially if there are more pressing needs that require funding.
Technical Issues
As with all software, board management software can experience technical issues such as crashes, bugs, and downtime as well as poor internet connection. These can disrupt workflow and cause frustration for users.
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Relevant Board Management Software Trends
There are many trends associated with the board management software, they include:
Cloud-Based Solutions
Board management software products are increasingly moving to cloud-based platforms, which offer more accessibility, flexibility, and scalability compared to on-premise solutions.
Mobile-First Design
With more people using mobile devices for work, board management software providers are focusing more on mobile-first design, making sure that their software is optimized for use on smartphones and tablets.
Artificial Intelligence
AI is increasingly being used in designing board management software for automation of routine tasks, such as meeting scheduling and agenda creation, freeing up board members’ time for more important responsibilities.
Cybersecurity
As cyber threats are becoming more sophisticated, board management software providers are investing more in cybersecurity measures to protect sensitive information in their database.
Virtual Meetings
The rise of remote work has made virtual meetings more popular than ever. Board management software vendors are aligning with this trend by providing video conferencing features, virtual whiteboards, and other tools for facilitating virtual meetings.
Collaboration Tools
Board management software is increasingly providing collaboration tools such as task management, shared document repositories, and communication tools to improve team collaboration and productivity.
Analytics and Reporting
Board management software providers are now providing analytics and reporting features to enable board members make better decisions and track progress.
Sustainability
Since companies are placing more emphasis on sustainability, board management software providers are including features that can help organizations track and report on their sustainability goals and initiatives.
Virtual Reality
Although still in the early stages, some board management software providers are working on bringing in virtual reality (VR) technology to create more immersive and engaging board meetings.
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Software and Services Related to Board Management Software
If you use board management software, there are other services and software you might find useful, too. They include:
File sharing software is designed to allow users to share files with other users or groups. These software solutions enable users to upload, download, and share files securely and efficiently, making them a vital tool for collaboration and teamwork in modern workplaces.
Company Secretarial Software
Company secretarial software is used by businesses for managing their compliance obligations, such as filing annual returns, maintaining registers, and updating company details. These software products automate administrative tasks and ensure compliance with legal requirements.
Equity Management Software
Equity management software is designed for use by companies to manage their equity-based compensation plans, such as restricted stock units (RSUs), stock options, and employee stock purchase plans (ESPPs). These software applications enhance the administration of equity plans and aid companies ensure compliance with accounting and regulatory requirements.
HR Analytics Software
This software is designed for providing businesses with insights into their workforce, such as performance metrics, employee retention rates, and workforce demographics. These software products enable businesses to make data-driven decisions related to recruitment, retention, and workforce management.
Employee monitoring software is used by employers for tracking and monitoring of employee activities, such as email correspondence, internet usage, and software usage. These solutions enable businesses to ensure security, productivity, and compliance with company policies and legal requirements.
Frequently Asked Questions On Board Management Software
Board management software is a digital tool that helps organizations to manage their boards of directors. It helps in streamlining communication, managing documents, scheduling meetings, and tracking actions and decisions made during board meetings.
The benefits of using board management software are numerous. These include enhanced security and compliance, improved communication and collaboration between board members, paperless meetings reducing wastage, increased efficiency and productivity, secure access to board books and better decision-making via access to real-time data and insights.
No, board management software can benefit leadership teams in organizations of all sizes, from small nonprofit organizations to large corporations. They all need to find which board management software best fits them and meets their needs.
The cost of board management software often varies depending on the provider and the features the software offers. Some providers charge a monthly or yearly subscription fee, while others charge per user, per board or custom. Prices can range from a few hundred dollars to thousands of dollars annually.
The time needed to implement board management software varies depending on the provider and the complexity of the organization’s needs. Some software providers offer onboarding and training services to assist organizations get up and running quickly, while others may require more extensive customization and integration, taking more time.
