{"id":1489,"date":"2021-08-12T01:00:54","date_gmt":"2021-08-11T17:00:54","guid":{"rendered":"https:\/\/www.praxonomy.com\/blog\/?p=1489"},"modified":"2021-08-12T01:00:57","modified_gmt":"2021-08-11T17:00:57","slug":"who-can-benefit-from-using-board-management-software","status":"publish","type":"post","link":"https:\/\/www.praxonomy.com\/blog\/who-can-benefit-from-using-board-management-software\/","title":{"rendered":"Who Can Benefit From Using Board Management Software?"},"content":{"rendered":"<!-- Added by Post\/Page specific custom CSS plugin, thank you for using! -->\n<style>figure.tbl-challenges table th {\r\n\ttext-align: center;\r\n\tbackground: #ad622c;\r\n\tcolor: #fff;\r\n}\r\nfigure.tbl-challenges table td {\r\n\tvertical-align: top;\r\n\tline-height: 1.5;\r\n\tpadding: 10px 20px;\r\n}\r\nfigure.tbl-challenges table td:first-child {\r\n\twidth: 37%;\r\n\tbackground: #f3f3f3;\r\n}\r\nfigure.tbl-challenges ul {\r\n\tmargin: 0px 1.5em;\r\n}\r\nfigure.tbl-challenges ul li::marker {\r\ncontent: \"\\f101 \\00a0\\00a0\";\r\nfont-family: \"fontawesome\";\r\ncolor:chocolate;\r\n}\r\nfigure.tbl-challenges ul li {\r\n\tmargin-bottom: 0.5rem;\r\n}<\/style>\n\n<p>Many organisations still assume that the use of <a href=\"http:\/\/www.praxonomy.com\/board-portal\">board management software<\/a>, or board portals, only benefits directors. But the reality is that board portals support other individuals involved in the board meeting management process as well.&nbsp;<\/p>\n\n\n\n<p>Although this is by no means an exhaustive list, we address the question of who (along with directors) will find good use in the adoption and implementation of board portal technology. We take a closer look at some of the challenges of managing board meetings, and identify how board portals such as <a href=\"http:\/\/www.praxonomy.com\">ours<\/a>, can help overcome these pain points.\u00a0<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>1. Directors<\/strong><\/h2>\n\n\n\n<div class=\"wp-block-group is-layout-flow wp-block-group-is-layout-flow\"><div class=\"wp-block-group__inner-container\">\n<div class=\"wp-block-columns is-layout-flex wp-container-2 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<figure class=\"wp-block-table tbl-challenges is-style-regular\"><table><tbody><tr><th>CHALLENGES<\/th><th>WHAT A BOARD PORTAL CAN DO<\/th><\/tr><tr><td>Directors are continuously on-the-go and must have access to the latest version of board documents (i.e. board packs) prior to board meetings.<br><\/td><td><ul>             <li>Directors have 24\/7 access to digital board packs and other relevant meeting materials through the portal&#8217;s website or mobile apps.<\/li>             <li>In-app or email notifications from the board portal keep the board informed about important board activities\u2014 from meeting scheduling to the publishing of meeting minutes.<\/li>             <li>Any last-minute changes to board packs are reflected instantaneously.<\/li>             <li>No need for bulky email attachments or having to monitor email threads in between board meetings.<\/li>             <li>Serves as the &#8220;single source of truth&#8221; for directors and all board members.<\/li>           <\/ul><\/td><\/tr><tr><td>Directors don&#8217;t have the luxury of time to learn new technologies that streamline board-related activities.<\/td><td><ul>\n            <li>The user interface of board portals is typically designed for board members with different technology capabilities and\/or competencies. In other words, board portals are usually user-friendly.<\/li>\n          <\/ul><\/td><\/tr><tr><td>Directors often need to confer and collaborate with fellow board members prior to meetings via unsecure communication channels.<\/td><td><ul>             <li>Secure messaging features within the portal <a href=\"https:\/\/info.praxonomy.com\/ebook-risky-business-dark-side-of-email\" target=\"_blank\" rel=\"noreferrer noopener\">minimise the need for long, unorganised email threads<\/a> or text messages.<\/li>             <li>Directors can easily reference discussions from one central hub.<\/li>           <\/ul><\/td><\/tr><tr><td>Directors must keep the rest of the board posted with the progress of identified action items.<\/td><td><ul>\n            <li>A snapshot of the status of action items for the board can be tracked and viewed from within the board portal.<\/li>\n          <\/ul><\/td><\/tr><\/tbody><\/table><\/figure>\n<\/div>\n<\/div>\n<\/div><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>2. Company Secretaries<\/strong><\/h2>\n\n\n\n<div class=\"wp-block-group is-layout-flow wp-block-group-is-layout-flow\"><div class=\"wp-block-group__inner-container\">\n<div class=\"wp-block-columns is-layout-flex wp-container-7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:100%\">\n<div class=\"wp-block-columns is-layout-flex wp-container-5 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:100%\">\n<figure class=\"wp-block-table is-style-regular tbl-challenges\"><table><tbody><tr><th>CHALLENGES<\/th><th>WHAT A BOARD PORTAL CAN DO<\/th><\/tr><tr><td>Company secretaries are confronted with the time-consuming task of building board packs \u2014 from gathering to compiling information, and their timely distribution to board members.<\/td><td><ul>\n            <li>Digital board packs can be built and distributed in minutes to board members\u2014regardless of where they&#8217;re located and which device they&#8217;re using.<\/li>\n          <\/ul><\/td><\/tr><tr><td>Managing security permissions of files can be problematic (i.e identifying which files should be shared \u2014and with whom) since conflicts of interest issues and confidentiality concerns need to be considered.<\/td><td><ul>             <li>Granular security permissions features allow board secretaries to present files to the right, intended audience.<\/li>        <\/ul><\/td><\/tr><tr><td>Company secretaries must organise, store, and retain board-related documents (board packs, resolutions, minutes, etc.) for reference or audit purposes.<\/td><td><ul>             <li>All meeting files can be archived for reference, data integrity, and audit purposes.<\/li>           <\/ul><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>3. Senior Leadership (C-Suite)<\/strong><\/h2>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-12 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:100%\">\n<div class=\"wp-block-columns is-layout-flex wp-container-10 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:100%\">\n<figure class=\"wp-block-table is-style-regular tbl-challenges\"><table><tbody><tr><th>CHALLENGES<\/th><th>WHAT A BOARD PORTAL CAN DO<\/th><\/tr><tr><td>C-suite executives often do not have a secure platform to communicate with and report to the board.<\/td><td><ul>             <li>Reports, company updates, data analyses can all be uploaded and shared with the board in a centralised location.<\/li>             <li>Secure messaging features within the board portal allows senior executives to consult, collaborate, and communicate with the board directly.<\/li>             <li> The availability of task tracking features help apprise the board of the progress of action items, as well. <\/li>           <\/ul><\/td><\/tr><tr><td>Senior executives often lack access to required board documents.<\/td><td><ul>\n            <li>A centralised (and easily structured) resource library allows executives to easily find and retrieve the information they need.<\/li>\n          <\/ul><\/td><\/tr><tr><td>C-suite executives require an effective, seamless process for document review and approval.<\/td><td><ul>             <li>The e-signature feature and workflow enables board members to sign-off on board documents with a few clicks.<\/li>           <\/ul><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>4. Auditors<\/strong><\/h2>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-14 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:100%\">\n<figure class=\"wp-block-table is-style-regular tbl-challenges\"><table><tbody><tr><th>CHALLENGES<\/th><th>WHAT A BOARD PORTAL CAN DO<\/th><\/tr><tr><td>Auditors often have to conduct tedious document reviews for board-related activities and transactions. Related files are often dispersed in various file repositories or libraries\u2014and can make retrieval a challenge.<\/td><td><ul>           <li>Board portals serve as a central location for all board-related activities, files, and transactions.<\/li>           <li>They are organised and structured so auditors can revert to board documents (e.g. meeting minutes, board resolutions, attendance, etc.) in a matter of minutes, not hours.<\/li>           <li>The archiving feature makes board documents tamper-proof and easily retrievable.<\/li>         <\/ul><\/td><\/tr><tr><td>Identification of gaps in board management processes by auditors can be difficult.<\/td><td><ul>\n          <li>The streamlined process flow of board portals helps ensure that boards work in an efficient, effective and in a highly secure manner.<\/li>\n          <li>Board portals mitigate the risks associated with compliance, security, accountability, etc.<\/li>\n        <\/ul><\/td><\/tr><\/tbody><\/table><\/figure>\n<\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>5. Administrators and\/or Executive Assistants<\/strong><\/h2>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-table is-style-regular tbl-challenges\"><table><tbody><tr><th>CHALLENGES<\/th><th>WHAT A BOARD PORTAL CAN DO<\/th><\/tr><tr><td>Administrators are tasked with the time-consuming effort of compiling, printing, and mailing out board packs. <\/td><td><ul>\n          <li>Board portals allow for the paperless distribution of board packs from within a platform that&#8217;s more secure than email.<\/li>\n          <li>Administrators can help the organisation <a href=\"https:\/\/kfyy842vzlt.typeform.com\/to\/rdufoMci\">cut down on costs<\/a> associated with board activities. <\/li>\n        <\/ul><\/td><\/tr><tr><td>Last-minute updates often need to be incorporated into board packs even after they have been printed or shared.<\/td><td><ul>           <li>Updates to the digital board pack can be easily implemented by administrators, and these will be reflected in real-time.<\/li>           <li>Version control is seamless and straight-forward.<\/li>         <\/ul><\/td><\/tr><tr><td>Administrators often need to inform multiple stakeholders of board meetings, as well as follow up on action items.<\/td><td><ul>           <li>With email and app notifications, board members can be notified of meeting schedules, the publishing of\u2014or updates made against\u2014board packs, the upload of meeting minutes, etc. Stakeholders are kept in the loop for board-related activities. <\/li>         <\/ul><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>CONCLUSION<\/strong><\/h2>\n\n\n\n<p>Board portal use has gained traction across organisations of all <a href=\"https:\/\/www.praxonomy.com\/case-studies\/habitat-for-humanity-hong-kong\" target=\"_blank\" rel=\"noreferrer noopener\">types<\/a> and sizes, spanning multiple<a href=\"https:\/\/info.praxonomy.com\/hubfs\/Collaterals\/Boardfolio%20for%20Pre-IPO%20Companies.pdf\" target=\"_blank\" rel=\"noreferrer noopener\"> industries<\/a>. Users are continuously discovering that the adoption of this technology impacts a number of roles and functions, apart from that of directors.<\/p>\n\n\n\n<p>By virtually eliminating the administrative challenges associated with board-related activities, board portals allow board meeting stakeholders to focus on tasks that are of more value to the organisation:<\/p>\n\n\n\n<p>Board and senior leadership can focus on strategic leadership. Auditors can help ensure board activities remain compliant. Administrators and executive assistants can generate cost savings and establish process efficiencies for the organisation. These net-benefits place the organisation on the <a href=\"https:\/\/www.praxonomy.com\/blog\/how-board-portals-improve-corporate-governance\/\" target=\"_blank\" rel=\"noreferrer noopener\">path of modern\u2014if not better\u2014governance<\/a> and make the case for its use. <\/p>\n\n\n\n<p><em>Schedule a free demo of Praxonomy&#8217;s board portal <a href=\"https:\/\/www.praxonomy.com\/schedule-a-demo\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a>.<\/em><\/p>\n\n\n\n<p><\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>Many organisations assume that board portal software benefits only directors. But the reality is that different stakeholders of the board meeting management process (from directors to executive assistants) have found value in the technology.<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":2,"featured_media":1490,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Who Can Benefit From Using Board Management Software? - Praxonomy<\/title>\n<meta name=\"description\" content=\"Some organisations assume that board portals only benefit directors. 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