Nowadays, the trend of the online board and shareholder meetings began to develop gradually. Physical meetings are viewed as too risky for many firms, especially when there is a great alternative available in the form of online board meetings, especially with COVID-19 lockdowns throughout the world and social distancing offering one of the primary instruments in battling the virus.
You need the appropriate board meeting software in place in order to be able to conduct a virtual meeting successfully, effectively, and securely. These platforms can also speed up the procedure for attending actual meetings or those that include both virtual and physical attendance. Today you will learn how to find the best board of directors management software in just 7 easy steps and get started online.
What is Board Meeting Software?
Board meeting software, also known as board portal software, is a single, secure, and team-based tool that enables you to plan paperless board meetings from start to finish. You may manage the meeting by using a board portal to:
- Invite participants.
- Distribute agendas and other essential papers.
- Update documents so that everyone has access to the most recent information.
- Add notes and inquiries to documents.
- Run the meeting.
Everything is kept in the cloud via the board meeting software, allowing for cooperation from any location. Having a common board meeting software platform for your participants enables you to take advantage of the productivity of a paperless solution regardless of whether you decide to have your meeting in person, online, or a combination of the two.
7 Steps How to Choose the Best Board Meeting Software
Although the needs of each organization may vary, there are a few essential aspects that you should look for in any such portal. Here are some actions you may take to reduce your options and entirely or partially conduct your board meetings and shareholder meetings online.
1. Examine the Security Options
It is important to emphasize the value of security in boardroom software. The credentials of any site you are contemplating using should be checked beforehand. They ought to be able to provide you with information on the reliability of their encryption as well as the international standards they follow. You may feel more confident when transmitting critical information than sensitive documents.
2. Learn How It Facilitates Document Creation
Typically, more than one individual is responsible for developing the papers for the board book. The option to assign assignments would be a useful feature of your collaborative software to manage the workflow of drafting the entire document across a team. When editing documents on the site, you may collaborate and set due dates. This eliminates the need to switch between several apps to monitor the board book’s development.
3. Determine the Ease of Information Access
Although it may seem obvious, the ideal board meeting software should make it simple for you and the meeting attendees to get the information you need. The goal of employing a paperless system is to replace the convoluted and disorganized paper process with a more streamlined, simple, and orderly one.
4. Verify User Collaboration Capability
Another significant benefit of employing board management tools is the simplicity of cooperation. A paper-led approach might take up a lot of the meeting time as each participant must express their concerns, queries, and opinions. You may view every comment as it is made while using the board interface to collaborate online. This can help save time at the meeting by allowing some of the important administrative tasks and modifications to take place beforehand.
5. Determine whether Video Conferencing Is Supported
The ability to observe who is actively participating in the meeting is essential for achieving the legal obligation to easily identify everyone who participates. You could accidentally lose a user on a conference call. Video conferencing is therefore incredibly beneficial for transparency.
6. Examine the Features It Offers for Governance
It is essential to have online governance capabilities while conducting virtual meetings in a paperless office. For instance, a lot of board websites include risk management tools. The capability to issue signatures and approvals through the platform is the most crucial aspect of governance that you need to have incorporated into your board meeting software.
7. Think about if This Is the Preferable Choice
You do need to consider whether it offers a better choice than your existing position before choosing your best board meeting software. Your stakeholders need to be convinced that implementing the change will be worthwhile before they commit to it, go through the necessary training, and modify corporate procedures.
Since the coronavirus epidemic, virtual meetings have become an even bigger part of our everyday lives, and there is no indication that this trend will stop as time goes on. It changes the game to be able to work remotely and participate in meetings just as actively as if you were physically present. Since organizations have been compelled to experiment with technology, online collaboration and meetings for anything from daily catch-ups to significant AGMs are only going to gain in popularity.