What Is Board Management Software?

Automation is an inevitable step that any company goes through to maintain its market position and maintain its market share in the long term. So, how to automate corporate management via board management software?

Board management software in the corporate structure

The digital era, ushered in by new technologies and changing consumer behavior, is forcing companies to develop new technologies and build new resources to maintain a decent level of competitiveness and profitability in the digital world.

Today technology is something more, and there are many more areas requiring control. The term now includes cybersecurity, privacy protection, and the latest technology. Under the circumstances, the activities of the Boards of Directors are more connected to technology and digital transformation than ever. They consider the need to continually develop and implement innovative solutions as one of the key factors of business success. Board management software is one such solution. So, how does it work?

It is a secure internet service that enables meeting management, communication, and collaboration between the supervisory boards and executive board members and the executive or supervisory board secretariat. All content is made available to the Boards of Directors either on mobile applications or on websites. This virtual platform serves as a workspace where board members can work on certain strategic issues. These strategic matters can include creating guidelines, servicing stakeholders, hiring managers, reviewing performance, and more.

Board management systems are designed to serve the control, management, decision making and administrative actions of managers. They determine if the objects are working well and periodically notify about it. The software is designed to unite all aspects of the business based on a single platform to increase efficiency and value for the company.

What are the basic software functions?

Board portals are tools designed specifically for organization staff to manage and create board documents and to help board members share, read, and annotate board books and other meeting documents electronically.

The increase in the number of meetings and the need to distribute meeting documents to all participants, regardless of their location or time zone, makes executive and board portals an important meeting management tool. The modern board portal is a SaaS meeting collaboration tool (Software as a Service), which enables the following:

  • Executive and board members can view meeting documents and take personal notes on corporate and non-corporate documents, review past and upcoming meetings, and more.
  • Corporate Secretaries can organize meetings and make them accessible to attendees, distribute invitations to attendees, change agendas and upload corporate documents. Allows you to support the internal processes of every corporate environment in a secure executive and board portal.

Following the basic principles of organization of electronic document management Board management software provide the following functions:

  • Access control. The software allows you to differentiate the powers of employees of the organization and control access to documents.
  • Document lifecycle support. It allows you to strictly control the lifecycle of documents, taking into account the requirements of the corporate environment, as well as industry standards and legislation.
  • Collective work on documents. The software enables the organization of collective work on the document, and it can be attended by professionals in different offices.
  • Ensuring confidentiality. The system provides the ability to sign documents with an electronic signature and encrypt them.
  • Routing of documents. The software ensures the automatic transfer of the document to the necessary person. Integration with other systems, as a rule, should and can be integrated with other enterprise management systems – accounting, production, financial, analytical, etc.