The boardroom is a universal software solution for transparent and productive board communications. This article will consider the best software features for cultivating better board cooperation.
Board software: how to improve board communication?
During the quarantine, we all realized that the process of digital transformation is not a “nice to have” but a “must-have” for modern companies. Many underestimated the digital component in their work, so they were unprepared for active communication from a social distance. We are all facing new challenges, but on the other hand, we are also facing new opportunities. And the main question for all was, “How to adapt and continue to work effectively in the new reality?” According to research, 79.4% of most companies have shown flexibility and adaptability and switched to an online format using all possible digital tools and applications. The collegial bodies are not an exception. The board of directors of many leading companies actively use boardroom solutions to organize their activity online.
The boardroom is a multifunctional cloud-based platform designed for productive and transparent collaboration of the board of directors and other collegial bodies. The software includes data storage, file-sharing functions, a voting system, chat communication, etc. Board portals enable decentralized and connected work of the board of directors. These digital tools support companies at various stages of the process. They make the work process of the boards clear and allow board members to communicate in individual or group chats. Boardrooms collect and prioritize ideas and structure daily work. But above all, the tools of collaboration support communication.
Common boardroom functions to ensure better conversations
The board software is shaping a modern, dynamic, efficient way of doing business. Here, employees’ freedom to choose the time and place of work is organically combined with executive discipline and personal responsibility. The system motivates everyone to develop and makes them jump above their heads. As a result, the speed and number of decisions are increased several times, while their quality does not suffer due to the highest organization of management information.
In business development, the number and importance of decisions made inevitably increase. As a result, the volume of processed information is growing. Software solutions for automating these processes and procedures, creating systems for collecting, recording, and storing management information, and decision support algorithms are analytical tools for optimizing the procedures for accounting, processing, and analyzing information for the business. Let us note those points that optimize and increase the efficiency of the management of the board of directors by transferring it to the electronic software environment:
- Formation and coordination of the agenda of the board meeting in the electronic system with access to it and agenda materials (including remote access) of the board participants, the Secretary, and speakers;
- Differentiation of access to information;
- Formation and approval of the protocol through the electronic system of the board;
- Reporting the decisions of the board of directors to the executors through the electronic system;
- Automatic control over the execution of decisions. Formation of reports on the implementation of decisions of the board;
- Drawing up long-term plans for consideration of issues in the electronic system;
- Formation and maintenance of a system for recording agendas, protocols, and decisions of the board in the form of an electronic database.
So, the issues of strategic and operational business management, financial management and control, HR management, and risk management, along with the tasks of improving the efficiency of interaction and communication of personnel, are universal management tasks for top managers and shareholders, regardless of the specifics of the business they manage or own. The board software solutions, for the most part, are universal solutions that can be effectively applied in most companies.