How to choose the best board software for your business
Choosing the best board software for your business requires careful consideration. Not only is a digital board meeting portal essential for administrators who organize meetings, but it is also a necessary tool for board members, allowing them to easily review agendas, annotate documents, and communicate with one another outside of these gatherings.
There are many factors to consider when you choose board software, including usability, pricing, and features. The guide below includes the most significant areas to consider so that you can find the best board software for board members and administrators.
Ease of use for board members
User-friendliness is imperative when it comes to selecting board software. Some of your board members will be tech-savvy, but for those who aren’t, a simple and easy-to-navigate board portal will make all the difference in encouraging the use of the software.
If the portal has an intuitive user interface and is available on multiple devices, board members will find it easier to adapt to viewing agendas and board books online. By ensuring the software is simple to use, board members can make digital annotations to agendas, and sign off documents using any device.
Just as it is important for board members to be able to use the software, it is equally essential for administrators to enjoy a user-friendly portal. Therefore, the backend of the board portal should be easy to navigate so that admin users can change settings, approve requests, and upload documents.
Cost-efficiency
Board software pricing should be fair and transparent. Look for a solution with clear costs and no hidden fees in the fine print since these could end up surprising you later. For example, Computershare’s BoardWorks™ offers an up-front, all-inclusive pricing model with complete functionality and an unlimited number of committees and meetings included in the price.
The cost of the board portal software must also suit your budget needs. Board software is often a long-term investment, so factor this into future financial plans before making a purchase.
Data security and privacy
Data security and privacy are massive issues for companies. The best board software can help prevent cyberattacks, such as email phishing since using a streamlined portal for all board-related activity limits the use of external programs for correspondence.
However, board portals often contain sensitive information such as annotated board meeting agendas and documents; if these get into the wrong hands, companies could inadvertently break regulatory rules and suffer financial and reputational damage. Therefore, when doing a board portal comparison, security is a key area to look at. You want to ensure that there are features like two-factor authentication to prevent brute force attacks (when bad actors attempt to log into an account using various passwords). If the board portal is available as an app on a smartphone or tablet, then there should also be biometric security such as Touch or Face ID.
Moreover, administrators should be able to set up privacy controls, restricting what users view in the portal. This ensures that sensitive documents aren’t accessible to every user on the platform.
It’s worth looking at how much a company offering board software invests in data security and privacy solutions. For example, Computershare spends millions of dollars per annum on security and invested $271 million in technology in 2022. This means that Computershare’s board portal software is equipped with top security technology to ensure your sensitive data always remains safe.
General features
Board portal features should be useful, making organizing and attending meetings easier for all parties involved. There should be tools that allow you to create board agendas and board books in the portal and allow members to view these during meetings. There should also be features that enable you to make private annotations on agendas, virtually sign documents, and receive important in-app notifications at any time.
For security reasons, administrators should be able to remotely wipe annotations on documents and set up user and access controls. The best board software should be compatible with all devices so that board members can easily access the portal from tablets, mobile phones, and desktop computers.
Customer support
There may be times when administrators or board members need help regarding the use of the board software. Therefore, consider the customer support options on offer when making a board portal comparison. Some things to look at include the following:
Is there live chat support available via the portal?
Can you speak to a real person and not a bot?
Is there 24/7 email support?
Are there help documents and articles available?
A variety of customer support offerings indicates that the company cares about its clients and is dedicated to providing a positive user experience. It also suggests that you’ll be likely to quickly resolve any issues that come up and continue your use of the board portal without interruption.
Industry reputation
The reputation of a company is usually a reflection of the quality of its products. When comparing board portals, make sure to look at the company behind the software. Purchasing board software is likely a long-term investment; therefore, you need to ensure that you’re partnering with a reliable company. Think about things like:
How long has the company been around for?
Is the company publicly listed or private? (A public company has many shareholders which reduces risk and increases transparency.)
What is the company’s take on security?
Does the company have a good reputation in the industry?
Does the company offer various software solutions, proving itself to be an expert in these areas?
You’ll often find the best board software by partnering with a reputable company like Computershare, which has a proven track record in offering software solutions for large and small businesses.
Product demonstrations
A digital board meeting portal for your business is a big investment, so it’s worth testing the software before buying it. Most companies offer product demonstrations enabling you to get a first-hand look at how the portal works and learn more about its interface and features. Moreover, a company representative will often walk you through the demo, allowing you to ask questions and receive expert responses.
If a board portal demo is not available, you should ask yourself, “Why?” A company that isn’t willing to provide potential clients with a view of its software before they make a large investment, may be hiding something or exaggerating the features on offer. Moreover, if you purchase board portal software blindly, without a preview of the solution, you may find that it doesn’t fully meet the needs of your board members.
Improve your board management with BoardWorks™
Computershare’s BoardWorks is a digital board meeting portal that will help facilitate your annual board meetings and engage your directors like never before.
User-friendly, cost-effective, and extremely secure, BoardWorks offers an abundance of features to help you plan meetings and ensure board members are always kept in the loop.