Is your corporate governance process ineffective?
Consider using board management software.
Board management software helps organizations streamline their board activities, improve collaboration, and ensure compliance.
Let’s explore how board management software can improve governance and the actionable steps you can take to get the most out of your investment. We’ll also highlight the importance of using an email verification tool like Breadcrumbs to enhance communication for board-related emails.
The changing landscape of corporate governance
The role of corporate boards has changed significantly. They do more than just oversee high-level strategy and risk management.
These days, board members must navigate new challenges such as digital transformation, environmental sustainability, and evolving regulatory requirements.
Here’s why these environmental, social, and governance (ESG) initiatives are so important:
- 54% of consumers would no longer buy products from companies with unclear sustainability claims or inconsistent labelling.
- 88% of consumers are more likely to choose services from businesses that advocate for social or environmental issues.
- Companies with higher ESG scores experience lower capital costs.
What does all this mean? It means that your board members have more pressure to make informed, timely decisions while maintaining transparency and accountability.
But slow, cumbersome systems are no longer sufficient in today’s fast-paced environment. Traditionally, boards have operated with many manual processes.
This includes printing reams of documents for board packets, coordinating schedules via email, and arranging in-person meetings that take weeks.
To achieve agility, modern governance, and drive scalability, you need technology, including board management software.
What is board management software?
Board management software aims to improve the corporate governance process by giving board members a centralized, secure environment to manage all board-related tasks.
It offers tools for scheduling meetings, sharing documents, tracking actions, and facilitating real-time collaboration.
Rather than relying on paper-based processes, board management software allows directors to access important documents, including agendas, minutes, and reports, in a few clicks.
This reduces administrative burdens and ensures board members are fully prepared and informed before meetings.
Features like automated meeting scheduling, voting mechanisms, and secure messaging streamline decision-making.
Benefits of board management software for corporate governance
Not entirely sold on board management software yet?
Here are some key advantages of investing in such a solution.
Improved communication & collaboration
Board management software enables seamless communication among board members. Secure messaging and notification systems keep directors updated in real time, enabling them to collaborate on important issues from anywhere.
Virtual meeting capabilities also allow boards to meet without the logistical challenges of coordinating in-person sessions. This is especially important for boards with members across different regions or time zones.
Efficient document management
Instead of managing large volumes of paper or sifting through endless email threads, board management software gives you a centralized repository for all governance documents.
Your board members can easily access agendas, financial reports, and board minutes.
With version control and automatic updates, boards can always view the latest version and avoid confusion over outdated information.
Better decision-making
Board management software gives directors access to data and analytics that support more informed decision-making.
The ability to track historical decisions, access relevant metrics, and evaluate performance ensures your board members have all the information they need to make sound choices.
Plus, automated voting and polling tools allow boards to make decisions faster while maintaining accountability and transparency.
Time & cost savings
Board management software can save time and money as it reduces the need for physical documents and in-person meetings.
It automates processes and administrative tasks like assembling board packets, scheduling meetings, and distributing documents, freeing up staff to focus on more strategic governance activities.
Board management software also reduces paper, printing, and travel costs, which leads to huge long-term savings and improved revenue operations for your organization.
How to use board management software for corporate governance
Follow these best practices to maximize the effectiveness of your board management solution.
Identify your needs & discover the right features
Before choosing board management software, identify your organization’s specific needs and requirements. Consider features that are essential for your governance processes.
- Challenge: Need to organize documents
- Feature: Document management
- Challenge: Creating agendas is a struggle
- Feature: Agenda builder
- Challenge: Fail to finish minutes until just before the next meeting
- Feature: Minutes
- Challenge: Lack of security for sensitive documents
- Feature: Secure file sharing and permissions control
- Challenge: Trouble maintaining compliance and record-keeping
- Feature: Compliance tracking and audit trails
- Challenge: Inconsistent communication between board members
- Feature: Secure messaging features
Get everyone involved with the idea
To successfully implement board management software, you need buy-in from all board members and key stakeholders.
Engage board members by discussing the need for board management software in meetings. Highlight its potential to improve efficiency and collaboration.
If you get the green light, offer a few platform options and gather feedback. Let stakeholders participate in testing different platforms during free trials to get hands-on experience.
Train board members on the software
Even the most feature-rich software won’t be helpful if your board members don’t know how to use it. Properly train all directors on the platform’s features, including accessing documents, scheduling meetings, and collaborating with other members.
Offer training sessions as new features become available. This will ensure that your board is always up-to-date with the latest capabilities.
Customize the platform for your organization’s needs
While board management software comes with standard features, customization is vital to making it work for your organization.
Tailor workflows, permissions, and document structures to align with your government style.
For example, you can set up custom agenda templates, automate voting processes, or assign permissions to ensure that only relevant members have access to sensitive documents.
Maintain a regular review process
Conduct regular reviews. These help assess the performance of your board management software and ensure it continues to serve your board effectively.
Gather feedback from board members and administrative staff about any challenges or inefficiencies they experience.
Use this information to fine-tune the software’s settings and improve workflows to ensure the board operates smoothly.
Use analytics & reporting tools
Many board management platforms have built-in analytics tools. These help track key metrics, such as meeting attendance, action items, and decision outcomes. Use these tools to monitor board performance and identify areas for improvement.
Regular reporting can help your board stay aligned with governance goals and comply with regulations.
Ensure strong data governance practices
Security should always be a top priority. Therefore, the platform’s security protocols should be regularly reviewed and updated to match current industry standards.
Consider using permissions based on roles and responsibilities within your organization to control document access.
Establish policies governing storing, sharing, and deleting sensitive data.
Maximize communication features
Take full advantage of the software’s built-in communication tools. Use secure messaging and notification systems to keep board members informed and engaged between meetings.
You also want to ensure that all board-related meetings are delivered successfully and prevent missed communications. Verify your email list with Breadcrumbs to boost email deliverability and avoid high bounce rates.
Scheduling virtual meetings or sharing calendars will keep everyone on the same page and reduce the risk of missed deadlines.
Centralize agendas & documents
You want your board meeting software to be able to create board meeting agendas and have them centralized in the same location along with all your important documents.
This ensures that all board members have easy access to the relevant materials before meetings. It also eliminates back-and-forth emails and misplaced documents.
That way, you can have more productive and focused meetings.
Integrate spend management software
Integrating your board management software with spend management software takes governance efficiency to the next level.
While board management software focuses on streamlining board meetings, documentation, and decision-making processes, spend management software offers a comprehensive solution for overseeing financial expenditures and budgeting.
It provides real-time visibility into spending patterns, automates expense approvals, and tracks financial performance; it helps ensure that accurate and up-to-date economic data inform governance decisions.
This alignment between board management and spend management systems fosters better financial oversight, reduces the risk of budgetary mismanagement, and supports strategic decision-making, ultimately contributing to more effective and transparent governance.
Use competitive intelligence for informed governance
Incorporate a competitive intelligence platform like Unkover into your governance to get valuable insights that complement your board management software.
With AI-driven competitor analysis, you’ll always be in the loop when something significant happens with your competitors. This could be relevant news, product updates, special offers, content strategies, etc.
This will allow you to gather and analyze competitor data, market trends, and industry developments so your board can make informed strategic decisions.
The future of corporate governance
Board management software is a gateway to more efficient, secure, and transparent governance.
What do you think about using this technology to streamline board management for your company?
If you decide to invest in a board management solution, analyze your competitors’ strategies for enhanced decision-making.
Tools like Unkover can help you gain competitive intelligence, which can help your board evaluate the competitive landscape during meetings, improve decision-making with updated information, and adjust strategies to capitalize on market shifts.
Sounds good? Sign up for a 14-day free trial of Unkover today!
Ready to drive better governance outcomes? Book a demo with Breadcrumbs and see how dynamic lead scoring can help you identify your best revenue opportunities. Let’s chat about how you can close deals faster!
About the author