Corporate governance should become a uniform, easily automated set of procedures and documents understandable to all board members. For this purpose, the board management software was designed. This article guides how to compare several board portal vendors and choose the most suitable one.
Board portal software – a new way to improve corporate governance
The meaning of the term “corporate governance” is no longer a mystery in the business environment. Now no one argues that corporate governance is important, that it is necessary to increase the efficiency and value of a business. Moreover, the elements and principles of corporate governance are beginning to be applied in other areas of human activity, such as in the work of government bodies. Nevertheless, even now, when discussing the benefits of corporate governance, people are asking themselves and others the same questions: how to quickly introduce best practices in corporate governance in a company?
By establishing uniform standards of corporate governance, we thereby create a dual-purpose mechanism: with its help, companies, on the one hand, can quickly implement the best-known and formalized corporate governance practices, and on the other hand, they get the opportunity to compare the quality of corporate governance with each other. But unified corporate governance standards are valuable not only for companies. With knowledge of such standards, investors and other stakeholders receive a high-speed tool for assessing the quality of corporate governance in different companies. And at the same time, investors begin to save their time and effort, knowing that all companies using such standards use the same procedures and types of documents. But having said the word “standards,” we should ask ourselves the following question: is it possible to automate the implementation of standards? Board portals software is the first IT platform for automating corporate governance processes and unifying documents generated in corporate governance.
How does the system work?
The board software is a perfect solution for optimizing the board's activity, automating board secretary duties and routine tasks, and better decision-making. The board software is designed to optimize and accelerate the following processes:
- planning meetings of the collegiate body;
- consideration of issues on the agenda of the meeting;
- holding meetings, including those with remote participation in them from any geographical point of the world where there is a suitable connection;
- drawing up minutes of the meeting;
- signing and endorsement of the minutes of the meeting, including with the help of an electronic digital signature;
- control over the execution of decisions recorded in the minutes of the meeting;
- formation of a secure repository of materials on the agenda of the meeting.
- File storage
How to compare board portal solution: a basic guide
There are several common aspects for comparing board software vendors:
All prepared documents: reports, plans, proposals – can be added to the card in advance or during the meeting. In this way, the host can determine how long the meeting will take and prioritize. Other employees will also have access to all documents.
Even if there are no complaints about the service, large corporate solutions still require the participation of technical specialists. In such services, the format and efficiency of solving technical issues are important. The ideal option is access to specialists 24/7 and the ability to resolve issues in any convenient way: in a chat, by phone, and even with a visit of a specialist to the office.
Ease of administration and automation of meetings make it easier to use the service for technical specialists and all employees. External integrations are also useful, for example, with Microsoft Outlook, Google Calendar, and browser extensions. All this shortens the path to the event and can significantly increase profitability.