Corporate governance has seen a massive change in the 21st century, especially in the last few years. The concept of paper documentation and expensive physical meetings are getting replaced by digital solutions. Companies are employing meeting management solutions like board portal software for better, faster, safer, and more efficient board meetings.
Although board software technology is highly resourceful, the growing number of virtual boardroom vendors has also made the selection process trickier for the management. It is not easier to pick up the right solution from a cluster of options, especially for someone who is relatively new to this technology.
So how to go about it and how to choose the right board of directors software for your company? What are the reliable and effective options in the market?
In this guide, you will learn some useful tips on how to choose the boardroom software and what are the top five board portals in the market.
Board management software defined
Board management or board of directors software is a cloud-based digital meeting management tool and a data repository for board document management.
Board software allows boards to store, share, edit, distribute and manage board-relevant data in a single place. Its meeting management tools help automate board meetings from start to end. They help prepare digital board books and meeting agendas, take notes, cast votes, record meetings, create live polls, and assign or manage tasks.
Things to consider to choose the best boardroom software
The software procurement process must start with knowing what objectives will the board software help you achieve. Do you need it to automate business meetings, or are you looking for a document repository too? Here are some important things to consider.
Set budget and identify the features you need
Financial resources are scarce – budget setting is the second stage after need identification. The budget setting also defines what type of quality and features you can afford. At this stage, make a list of important features you want to have in your boardroom solution.
However, while doing that, it is important to pay attention to mandatory features. For instance, do not compromise on platform security, chat messenger, and other basic communication tools that are mandatory for any boardroom software. Lastly, basic document management tools (editor, viewer, and sharing tools) are a must-have as well.
Do some research on boardroom software vendors
Having all the features in software is a half success. It is necessary to choose the right boardroom vendor as well. Consider the following things when you do your research on service providers:
- How long has the vendor been offering these services?
- Does the vendor specialize in your industry? If yes, then this is a huge benefit, as industry-specific vendors know the challenges better.
- What do customers say about the service provider? For that, you can read customer reviews from websites like G2, TrustRadius, Capterra, GetApp, and Software Advice.
- How good is the customer support service?
- Does the service provider have a presence in your state or country?
Ask for free trials
Free trials are the test drives that help you get practical experience of what to expect in the future. Always ask for free trials, and the good thing is most vendors provide free trials for up to 30 days.
Top 5 boardroom software in 2022
1. Nasdaq Boardvantage
Nasdaq BoardVantage empowers the director and board officials with its rich data analytics, data management, and the board meeting management tools. BoardVantage provides two different solutions for board management with their own unique features. The software has been a top choice for over 50% of Fortune 100 companies. With strong security and 24/7/365 customer support service, BoardVantage is a great tool for seamless board meetings.
2. iDeals Boards
A highly secure, easy-to-use, and super resourceful board meeting solution, iDeals Boards are a product of iDeals Solutions. The company enjoys great fame in the digital data and meeting management industry. The strength of iDeals Boards lies in their impeccable security, amazing document and meeting management tools, robust customer support service, and multi-language availability.
3. Azeus Convene
Convene by Azeus is one of the oldest meeting management solutions for boards and has won several awards over the years. It has been serving nonprofits, governments, banks, and listed companies in over 100 countries for the last 30 years. What’s more, Azeus is a CMMI level 5 company which means your board data is in safe hands.
4. OnBoard
OnBoard, just like the above-mentioned solutions, is a powerful tool that streamlines board meetings and has a great data analytics tool. The software serves administrators, directors, and executives from different industries and offers a free 30-trial.
5. BoardEffect
BoardEffect is a resourceful meeting management solution for directors, board members, managers, and business teams. It boasts a long list of data archiving, meeting management, and document management tools like chat messengers, smart search, voting tools, and real-time notifications. It supports Linux, Windows, Mac, Android, and iOS.
Final words
Budget, the functionality offered, position on the market, and free trials are among the vital elements to consider when making your board portal choice. But to save you some time, we’ve selected the best board portals on the market. These include iDeals Boards, Boardvantage, Diligent Boards, OnBoard, BoardEffect, and Azeus Convene.
