The board portal as a means for storing and quickly exchanging information between collegial bodies is becoming more and more in demand. This article is a guide on how to compare board portal vendors.
What is a board portal?
The innovative board portal is a software product that is focused on performing various tasks like board relationship management, project management, execution control, full-fledged electronic document management, strategic and operational planning of the company’s activities.
From a simple information system that served only as an archive or database of an enterprise, modern board software has been transformed into a completely innovative product. It has become a means of organizing business processes, a method of communicating instructions and tasks, a tool for setting and monitoring the achievement of long-term goals of the company, and operational business management.
Criteria for comparing board software providers
Today the digital marketplace is represented by a great number of the board portal vendors. But how do you choose the most suitable software solution for your business needs? Here are the basic criteria which will help you to concentrate on the most important aspects when comparing different alternatives:
Preparing for a board meeting is time-consuming, especially when directors sit on multiple governing bodies. Basic functions such as online or offline access to your session folders and continuing work while an update is being carried out on the computer appear to be quite simple on the one hand, but may not be offered by a potential provider. In addition, the board portal should provide a reliable system of agenda management and logging capabilities to improve best practices in preparing for board meetings, as well as during and after meetings.
- Governance functions
Directors should look for a provider that offers to vote, written consents, record keeping, and a robust polling module to help conduct evaluations in the secure app. Leading providers of board portals should also provide a secure communication tool so that there is no need to fall back on risky solutions such as business or private e-mail addresses and cheaper communication solutions such as WhatsApp
- New functions
A board portal provider has to continuously develop his product. Directors should not settle for a provider that currently meets their needs. Instead, they should look for a provider who continuously invests in research and development. As your company grows, so do the demands of your board of directors.
- Customer support
Although dozens of electronic board portals are offered, there are not many holistic, fully integrated governance management solutions on the market. How are directors supposed to know if the company they have chosen understands their weaknesses and can help them solve their company’s problems? It all starts with excellent customer service for the training of assistants and end-users. But this customer service must also remain a mainstay during the entire term of the contract so that all users receive the necessary support and do not lose the joy of the product.
- Suitability of the software
For private or public corporations, nonprofits, or government agencies, directors should look for a robust board portal with a flexible environment that will help them manage current governance policies. Improve practices by making them easier to perform their duties and by maximizing their efficiency. In addition, the provider should already work for similar customers from the same industry. Small nonprofits should inquire about references for similar organizations. The same naturally applies to listed companies.