A board that is high-performing can be the difference between success and failure for a company. It can also help to ensure a secure and safe environment for the people they serve. Poor internal processes and a clear definition of the roles of the board and management can result in dysfunctional boards that have a negative impact on the company and its employees.
Enhancing the efficiency of board management starts by making sure that the board has access to the information needed to make informed decisions. This means ensuring that all directors have access current and timely information and that the information is easy to digest. Furthermore, it is important to create the right structure to allow for the ability to have a diverse opinion and expert, as well as an appropriate committee and management structure.
Board management software lets directors access the materials they require to conduct meetings from a central location, eliminating the need to peruse physical board packs or search through emails. It also allows the recording of meeting minutes and other information after meetings, and for action items that can be managed throughout the course of meetings.
Digitalisation is an essential step in improving board management efficiency. Examine your current board solution (even if you are still using desktop-based tools) and determine your pain points with a framework similar to the “needs by meeting stage” above. Before implementing your new board software, test it to ensure it’s seamless and efficient for everyone involved in the board cycle.