As commonly described by the SEC among other regulatory authorities, a board meeting is a conference of an organization’s board of directors, whether held in person or by any means of remote communication, to transact any business, including the adoption of any plans, resolutions, or policies. Hence, board meetings are critical for the governance and decision-making of a corporation, and typically involve discussions of financial performance, strategic planning, and other matters related to the management and oversight of the company.
However, a Forbes article described how the complexity of board meetings could also be time-consuming, inefficiently managed, and unproductive. Thankfully, dedicated board meetings software can help enhance productivity and efficiency, providing a centralized platform for collaboration, communication, and decision-making.
Benefits of Board Meeting Software:
Board meetings management software offers a range of features that are designed to enhance productivity and efficiency. These include:
- Board and Agenda Management: Board of Directors can seamlessly access organized board packs of agenda in addition to ease of voting, marking attendance, assessing reports, and intuitive analytics – all in one place. Similarly, meeting administrators such as corporate secretaries and executive assistants can make pre-meeting, during-meeting, and post-meeting activities more efficient without changing their existing habits.
- Collaboration: Real-time collaboration tools such as configurable chat, annotation sharing, and video conferencing help facilitate board discussions leading to working together more effectively for the board of directors, management, leadership, CXOs, and Company Secretary in addition to different invitees and attendees.
- Complements ESG: Board meetings software improves the standards of corporate governance as well as reduces the environmental impact of resources required for traditional board meeting methods.
- Compliance and Reporting: A board portal software can assign and track the progress of board-level actions, organize schedules of disparate compliances, and bring complex metrics to board members in intuitively presented reports.
The paperless board meetings solution can also help reduce the time and resources required for administrative tasks, allowing board members as well as corporate secretaries and executive assistants to focus on more strategic activities.
Enhancing Productivity with a Board Portal Solution:
To maximize productivity with a digital board portal solution, it’s important to adopt best practices that take advantage of the technology’s features. Here are some strategies to consider:
- Set a clear meeting agenda: While board meetings software helps with last-minute agenda changes, by setting clear meeting agendas and sharing them in advance as per regulatory guidelines, board members and meeting attendees can come prepared from meetings leading to more focused and productive engagements.
- Leverage real-time collaboration features: A board portal solution such as Dess Digital Meetings integrates with video conferencing, helping the board of directors with an immersive experience that covers paperless meetings as well as real-time collaboration.
- Smart assistant tools: As an agenda management solution, it becomes easy to share and annotate meeting documents, reducing the need for paper. Also, in addition to sharing and annotations, the board of directors can also participate in voting and polls, mark attendance, and track reports and actions.
- Enhanced flow of data with reports: B Complex reports can be presented in an intuitive manner to the board of directors with competent board management software, summarizing various different records, voting and poll results, and statistics.
Improving Efficiency with Board Portal Solution:
In addition to enhancing productivity, paperless meetings software can also improve efficiency by reducing the resources required for meeting related tasks. Here are some best practices to consider:
- Reduce administrative tasks: A market-leading board meeting software such as Dess Digital Meetings can reduce the impact of administrative tasks such as scheduling, document preparation, and follow-up actions with its advanced pre-meeting, during-meeting and post-meeting features.
- Automate minutes-taking: With automatic minutes noting software as a part of the overall board meetings solution, the routine and painstaking process of minutes-taking can reduce thereby leading to better focus on business activities as well as better accuracy in the minutes of meetings..
- Leverage data analytics: A board meeting software can provide a wide array of valuable data covering different areas such as business performance, environmental factors, meeting statistics, and other key metrics. With such easy access to use analytical data, board members can identify areas for improvement to make more informed decisions.
Case studies: Prominent boards that have achieved improved productivity and efficiency with board meetings solution:
- Balarampur Chini Mills: Balarampur Chini Mills, a sugar manufacturing company, implemented board meeting software to streamline its board processes. By using the software to manage meeting schedules, collaborate on documents, and automate routine processes, they reduced the time required for board meetings by 30%. This allowed board members to focus on more strategic activities and make better decisions.
- Zydus Lifesciences: Zydus Lifesciences, adopted board meeting software to improve collaboration between their board members. By using real-time collaboration features such as video conferencing and shared notes, they were able to enhance communication and decision-making. They also used task management features to track follow-up actions, ensuring that decisions were implemented effectively.
- SUD Life Insurance: SUD Life Insurance, a financial services company, used board meeting software to improve efficiency by automating routine processes such as meeting scheduling and agenda creation. They also used data analytics to track meeting attendance and decision-making, identifying areas for improvement and making more informed decisions.
These case studies demonstrate the tangible benefits of a board portal solution for companies of all sizes and industries.
Dess Digital Meetings – The Trusted Board Meetings Software:
As a flexible and proven solution for boards of distinct sizes and sectors, Dess Digital Meetings can specifically meet the varied needs and requirements of your organization. Here are some factors to consider:
- Agenda management tools: Dess Digital Meetings offers advanced and easy-to-use pre-meeting, during-meeting, and post-meeting tools as an effortless agenda management software. These tools include one-click agenda preparation and automatic minutes-noting among other facilities.
- Real-time collaboration: With its unique video integration facility, Dess Digital Meetings provides an integrated experience for boards which includes a paperless agenda as well as video conferencing. This is in addition to other collaboration facilities such as text and voice chat, annotation sharing, and document sharing.
- Configurable polls and voting: To provide ease of all board activities in one place to board members and meeting administrators, Dess Digital Meetings offers easy-to-use polling features with intuitive reports. These features fulfill various board activities including performance evaluation, attendance, circular resolution, draft minutes, and final minutes among other needs.
- Compliances and Tasks: Dess Digital Meetings comes with compliance features to help the Corporate Secretary and the Administrative Assistant to schedule, file and track compliance deadlines. ATR (Action-Taken-Report) feature of Dess Digital Meetings supports tracking progress at the board level of assigned tasks and provides a comprehensive bird’s eye view.
- Works with iOS, Android & Windows: For a seamless user experience for board members, leadership, corporate secretary, and executive assistants among other attendees, Dess Digital Meetings works across all platforms such as iOS, Android, and Windows. With its intuitive interface and cross-platform compatibility, the tool simplifies board management and enables efficient decision-making.
An effective board meetings software can provide a centralized platform for collaboration, communication, and decision-making for the board of directors, leadership, corporate secretaries, and administrative assistants among others. By adopting the best practices and taking advantage of the software’s features, board members and the organization can achieve greater standards of corporate governance, and business efficiency and contribute to sustainability goals.
Paul Polman, former CEO of Unilever and co-founder of IMAGINE, a social venture that helps companies achieve their sustainability goals, once said in a blog he wrote for the World Economic Forum that “Technology is critical for solving our biggest sustainability challenges. It enables us to measure and track our impact, identify areas for improvement, and create innovative solutions. By harnessing the power of technology, we can accelerate progress towards a more sustainable future.“
Dess Digital Meetings is the world’s easiest-to-use board portal software for paperless board and committee meetings. Leading organizations in over 25 countries prefer Dess as their choice for efficient and effective board management software.
Dess believes in enhancing the value of information globally by harnessing unstructured data to empower the right people at the right time using the right technology. With its group of highly competent and motivated people, it has implemented several first-of-its-kind solutions.