After major financial scandals in the corporate world caused disruption to industries and investors to lose billions of dollars, companies began to look for ways to increase transparency, accountability, and disclosure. Board portals – also known as second generation portals were designed to allow secure communication and sharing of documents between board members, while also facilitating meetings.
Technology has evolved and now includes additional features that help directors of boards communicate more effectively prior to, during and after meetings and make better decisions. However there are a variety of portals available. Not all are created equal, and it is important to understand what tools your board actually needs versus what would be nice to have.
If your organization is looking to upgrade to a brand new board management software or purchase its first software it is crucial to identify what features are crucial to satisfaction of users and good return on investment. This article will help you select the best option to meet your digital data room needs. It will outline the important features that need to be included in the board management software.
A meeting agenda creator is among the most useful features. This feature eliminates the need of sharing meeting materials via email, and ensures that all board members receive an agenda copy. Additionally, having a task manager who allows secretaries to assign tasks to board members helps everyone stay accountable for the responsibilities they have been assigned.
Another must-have feature is an encrypted document center that houses all of the board’s documents all in one place. This tool lets board members avoid sending files via email or uploading to other service providers like Dropbox or Google Drive. It also provides them with peace of mind knowing that their sensitive information will be safe from users who are not authorized.