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Table of Contents

• What is Board Management Software?
• The benefits of Board Management Software
• Typical features of Board Management Software
• The cost of Board Management Software
• Considerations when purchasing Board Management Software
• Relevant Board Management Software trends

What is Board Management Software?

Board Management Software is a tool that helps an organization’s board of directors manage their responsibilities of strategic planning and performance reviews. It provides a virtual platform for the board to hold meetings, record minutes, share and review documents, and vote on business affairs.

It also acts as a database for important documents and information the board might need to have handy.

The benefits of Board Management Software

• Improved collaboration: Board management software provides a virtual platform that brings users together. While this consolidation provides a common overview of ongoing tasks to every user, its virtual nature allows them to collaborate even if they are located in different locations.
• Simplified management: The solution helps users to stay organized by maintaining updated versions of documents, storing the minutes of each board meeting, and storing important contracts and documents.
• Reduced turnaround time: The software helps avoid spending time on emailing documents, printing or shipping board packages (which is a collection of documents required during board meetings), and searching for important documents and contracts for ad hoc requirements.

Typical features of Board Management Software

• Collaboration: Allow board members to participate in meetings, vote on business issues, and add comments to documents.
• Document management: Store, share, and review documents. Upload board packages and attach them to the agenda of board meetings.
• Minutes management: Record minutes of board meetings and share them with all stakeholders. Pull up minutes of previous meetings for discussion.
• Calendar management: Sync webmail systems to send emails as well as view and respond to meeting/event invites.

The cost of Board Management Software

Most products in the market are priced on a per user, per month basis and can be divided into three pricing tiers based on their starting price.

Price ranges*:

• $10 - $74
• $74 - $144
• $144+

*The pricing included is for the entry-level/lowest-priced offering found on vendor websites on February 25, 2020. These ranges correspond to the 25th, 75th, and 100th percentiles of pricing information gathered from the vendor websites of sample products.

The above list summarizes pricing for the base plans of most products. An enterprise or premium product, that is priced higher, may include additional features such as chat options, document editing, and accounts management.

Considerations when purchasing Board Management Software

• Check for cybersecurity features: A board management tool holds critical business data that must be protected against cyberattacks. Make sure the software you select has SSAE16, AT101, or similar accreditations. Features such as auto-expiration of documents or expiration after a defined timeframe can also be useful.
• Confirm support availability: Since directors usually have a tight schedule and limited time, it helps if the software vendor can offer timely resolutions for technical glitches. Moreover, as directors are often in different locations, check that the vendor offers customer support in the required areas.

Relevant Board Management Software trends

• AI for automating activities: It’s estimated that artificial intelligence (AI) can automate approximately 48% of non-executive director’s (NED’s) responsibilities. These responsibilities may include reviewing proposals, helping with investment decisions, and participating in board deliberations.
• Blockchain for verifying company accounts: Blockchain can verify, almost instantaneously, if company accounts and financial statements are in compliance with required accounting standards. This will eliminate the board’s responsibilities concerning audit, compliance, and reporting.