Maximizing Board Efficiency: How Board Software Can Help

Maximizing Board Efficiency: How Board Software Can Help

How can the board of directors become a genuinely effective corporate governance tool? What digital tools can help to do that? This article will answer these questions and explain the advantages of board software solutions for executives.

What makes the work of the board of directors effective?

Today, the practice of the Board of Directors is described in detail and tested in different countries, cultures and socio-economic spheres. Has a single recipe for an effective Board of Directors been developed? No, and it is unlikely that it exists. But some digital solutions can maximize their efficiency.

The goal of increasing the effectiveness of the work of the board of directors is to create an informed, engaged and leading board of directors that actively participates in strategic planning, provides the company’s owners with effective mechanisms for controlling hired management and promotes the observance of the rights and legitimate interests of the company’s shareholders.

The effectiveness of the board of directors should be understood as a set of fundamental factors, the presence (implementation) of which has an impact on the activities of the company as a whole, ensuring the achievement of the goals set for the company, improving its image, more effectively protecting the rights and legitimate interests of its shareholders and, as a result, increasing the value business. There is no single formula for increasing the efficiency of the board of directors for all companies. Companies that do not plan to raise funds on the stock market must, first of all, improve the quality of management decisions and create a proper system of interaction between the board of directors and the company’s management. In this case, board management software can help to organize a secure collaborative workspace for better interaction.

Board software: increase board productivity in a few clicks

Advances in technology have fundamentally changed the way business is done: the globalization of business, the demand for instant communication, and the remote work of vast numbers of people. Board software increases productivity, saves time, reduces travel costs, and promotes collaboration. The advantage of such a platform is the ability to take advantage of all these benefits without requiring constant travel for face-to-face communication. 2020 has seen a dramatic increase in virtual board meetings, and this trend has continued into 2021 due to its undeniable advantages. Let’s take a closer look at them:

  • Reliable and optimized communication

Board teams need collaboration solutions that allow them to meet and discuss projects online through video conferencing, screen sharing, and real-time messaging. here guide to choose board portal can be helpful for you.

  • Better decision-making

Companies today rely on technology to bring their employees together effectively and increase collaboration between remote teams. When employees and board members work together, they find their purpose within the organization, which can help improve productivity.

  • Improve productivity

In a report that polled more than 1,300 business professionals across multiple age groups and industries, at least 43% of respondents said online meetings increased board team productivity in different locations. A person can quickly share documents on the screen for viewing during a video conference than in a face-to-face meeting.

  • Fast and easy meeting scheduling

If board members don’t need to travel anywhere to join a meeting, they can participate in more virtual meetings. Thus, attending a video conference instead of face-to-face meetings can increase online meeting attendance. It also makes it easier to schedule meetings with your team using this format. It is enough to agree on the date and time of the video conference without considering the time spent on the road, which is especially important for managers with busy schedules.