As a business leader, you know that aligning your board of directors is essential for growth and governance. But wrangling busy schedules, organizing meetings, sharing files securely, and enabling collaboration can drain time better spent on strategy. This is where board management software comes in – to provide a centralized hub for your board‘s workflow.
Why Board Governance Makes or Breaks Businesses
Your board is responsible for pivotal decisions from hiring key executives to acquisitions. According to PwC‘s Annual Corporate Directors Survey, over 75% of directors state that their board has become more involved in oversight the last 3 years.
However, up to 60 hours per month are spent preparing for board meetings manually across correspondence and logistical tasks. This reduces strategic focus as reported by Forbes.
Why Specialized Software Beats Spreadsheets
Most boards currently collaborate via:
- Email – Hard to track conversations across long threads
- File shares – Manual uploads, no version control
- Spreadsheets – Messy, error prone for meeting management
This wastes over $300,000 annually for Fortune 500 companies according to Diligent.
Specialized software centralizes your workflow with automation, permissions, and tools purpose-built for governance needs.
Key Features to Support Your Board‘s Workflow
As you evaluate options, look for platforms that provide:
Streamlined Meeting Management
- Automate scheduling, RSVPs, calendar invites
- Create agendas in minutes from templates
- Set reminders for upcoming meetings
Centralized & Secure Document Repositories
- Cloud archive with unlimited storage
- Custom access permissions
- Version histories to track changes
Collaborative Discussion Tools
- Annotate meeting documents together
- Threaded conversations under topics
- Surveys and e-voting for consensus
Robust User Management
- Multi-level permission presets
- Guest accounts with expirations
- Login audit trails for transparency
Powerful Integrations
- Sync with Office 365, G Suite, Outlook, LDAP
- Mobile apps for checking updates on-the-go
Comparing Top Board Management Platforms
Here are leading software options to consider based on your needs and budget:
Boardable for Lean Teams
Priced affordably under $100/month, Boardable offers easy collaboration tools for non-profits with key features like:
- Intuitive interface needs no training
- Built-in Office integrations
- Nicholson design for better readability
BoardManagement for Strict Governance
BoardManagement focuses on best practices for sustainability like:
- Custom risk, self-assessment templates
- Automated policy and charter reviews
- Director peer evaluation surveys
BoardPaq for Centralized Communication
BoardPaq makes meeting management seamless via:
- Multi-device apps for Windows, iPad, browsers
- Agenda creation and annotated minutes
- Configurable security settings
BoardPAC for Advanced Collaboration
Used globally, BoardPAC enables advanced features like:
- AI insights with pre-/post-meeting notes
- Version compare documents side-by-side
- Video uploads for virtual presentations
Diligent for Large Enterprise
Diligent meets global compliance with:
- Daily governance news briefings
- Custom risk profile reports
- Automated subsidiary/entity tracking
Evaluating Cloud vs. On-Premise Deployment
When getting your board onto a digital platform, a key decision is where the software is hosted. Here‘s a comparison:
Cloud-Based Software
- Lower upfront costs
- Automatic updates
- Accessible from anywhere
- Provider handles security
On-Premise Software
- Hosted on your own servers
- More customization control
- Requires internal IT resources
Over 80% of boards now use cloud-based systems for the convenience and speed of adoption according to Forbes. Leading providers offer enterprise-grade security protections and redundancies out of the box so reliance on internal infrastructure is reduced.
Key Takeaways for Your Board‘s Digital Journey
Upgrading from manual meetings and shared drives to specialized software leads to reduced costs, greater visibility, and strategic gains. As you evaluate options:
- Prioritize features that eliminate top collaboration pain points
- Validate security through encryption, access controls
- Leverage integrations with existing productivity suites
- Right-size implementation for current maturity level
With a tailored platform aligning your workflows under one roof, your board can focus its energy on driving organizational success!