Business models must innovate to keep pace with mounting challenges. The solution is good corporate governance, but that’s easier said than done. A recent pulse survey by Harvard Law School found that 53% of board members struggled to align their strategic vision with the priorities of the C-suite.
Frithjof Lund, McKinsey’s global leader of board services, puts it this way: “Aside from being a value-enhancing sparring partner, the board often also needs to be a catalyst for more rapid change.” Meeting that demand requires strong collaborative relationships, more frequent meetings, and effective ways to govern decision-making.
Board governance software can be a powerful enabler by making it simpler for boards of directors to collaborate effectively, drive innovation, and ensure proper business oversight.
What is board governance software?
Board governance software is a secure platform that centralizes board meeting processes. It’s a collaboration tool for meeting management, with software features for document storage, meeting agendas, access controls, meeting minutes, and more to improve decision-making and strategic oversight.
Board management software can make the difference between an engaged board with effective corporate governance, and a board that can’t innovate because they’re too bogged down by outdated, bureaucratic processes.
Below is an overview of some of the key features of this software, and how it makes board governance more effective.
Board governance software features that keep meetings efficient
If there’s one thing to learn from past board failures, it’s that getting the basics right can have a bigger impact than you might think. When boards have all the information they need in a convenient place, it can help companies achieve better oversight and create a board that contributes more actively to its success.
The first step is finding ways to enable more efficient, centralized board management. Effective board governance software comes equipped with tools to do just that. Key features include:
Document management
Document management in board portals goes a step beyond common file sharing software like Dropbox and SharePoint.
Board governance software keeps meeting documents and information in one place, including board books, past minutes, board information, and task lists. Administrators can use agenda templates to create board books faster, and use document sharing features to distribute board materials to all members at the same time.
From there, they can make annotations and collaborate with full context of all past meeting information, upcoming agendas, and information from other team members. Administrators can check on who has viewed materials and use access controls to limit access to sensitive documents.
Aprio lets board members collaborate on any device, and keep annotations private or share with other team members.
Task management
Effective board governance is about more than just what goes on in a meeting; it’s also about whether board members are able to stay on top of their tasks between meetings as well. Board governance software can simplify task management with tools to assign tasks to board members, set priority levels, and send reminders for outstanding tasks.
This keeps the board’s strategic decisions moving after directors have agreed on an action plan, and keeps directors accountable between meetings.
Aprio’s task management features include notifications, real-time updates, and progress trackers to keep members accountable.
Voting and reporting
Good governance requires the active involvement of all board members – but without a clear audit trail, it’s not always easy to stay compliant. Board governance software gives you an audit trail of all meeting attendees, votes, expenses and more for a complete, centralized history of board activity. This gives you complete visibility into patterns of board activity for transparency at every step of the process.
Aprio lets you view the login activity of each board member, along with reporting tools for all other board actions.
Along with these key features, you should expect board governance software to come with user-friendly management tools for:
- Scheduling meetings
- Meeting agenda builders
- User-friendly tools for meeting minutes
- Advanced data security features
- Remote meeting tools
Look for software that has an intuitive user interface so management can start seeing the benefits right away.
When to invest in board governance software
According to Harvard Business Review, the public sector and nonprofit organizations can learn from private equity firms. Instead of a passive board that meets to approve strategic decisions, boards are taking a more active role in shaping those decisions.
But taking that step can be a challenge if there are already communication issues. Here are some signs that it might be time to invest in board governance software:
- Your board struggles with administrative overload. Board governance software can alleviate a lot of the administrative hassles that come with board meeting processes.
- There are communication gaps. Board members often have a lot on their plate outside of their director roles. Centralized communication can cut down on emails that tend to get lost in the shuffle.
- Compliance risks are increasing. Boards operating in highly regulated industries can have a tough time keeping up with compliance, which tends to add administrative work to their plates. Built-in audit trails, alerts, and better security can reduce risk.
- Your board is dispersed remotely. Remote and hybrid boards benefit from a secure, centralized information hub. Directors can log in from any device to review materials, participate in discussions, or vote on resolutions, regardless of their location.
Governance software helps you organize board meetings with an eye towards long-term strategic success.
Tips for successful implementation
Getting the most out of your investment means engaging key stakeholders early in your decision. Everyone who will interact with the software, from directors to IT teams, should be involved from the start. Once you understand their needs and concerns, choose board software that aligns with what they want for their workflows.
Here are a few additional tips:
Communicate the benefits. Boards can be resistant to change, especially if they’re comfortable with their current processes. If you can see how software can help make meetings more efficient, make sure you communicate those benefits to key decision-makers.
Start with a trial or pilot phase. Even if you know what you’re looking for, software can surprise you once you try it. Ideally, your software should strike a good balance between simple and comprehensive.
Provide thorough training. Some board members may cling to old processes because they’re familiar. In these cases, you’ll risk losing out on some of the benefits the software provides as certain members circumvent the software. Thorough training helps mitigate these issues early.
Ask for feedback. If you’re in charge of implementation, make sure you take the pulse of your board on how they feel about the software. Talk to the software provider about any issues you encounter, to see if there’s a feature that helps solve the problem.
By following these tips, you’ll ease the transition to governance software and unlock its full potential. The result? More productive meetings, better decision-making, and a board equipped to steer your organization toward long-term success.
What sets Aprio’s board governance software apart
Aprio’s board governance software is more than just a user-friendly platform. We also offer seamless onboarding, comprehensive training, and 24/7 support from a team of professionals with board management experience.
Think of us as part of your team; we’ll help you get set up with Aprio’s intuitive tools to simplify governance, enhance compliance, and prepare more effectively for meetings.
“Aprio’s board portal is extremely easy and straightforward to use and its robust security measures ensure the confidentiality of our company information. I love the new enhancements including agenda templates, approvals and signatures!” – Charlene McKissick, Canadian Scholarship Trust.
Ready to streamline your board governance?
Aprio’s board governance software is designed to simplify every aspect of board management. From secure document storage and automated meeting preparation to real-time collaboration and compliance tools, Aprio empowers your board to focus on what truly matters—strategic oversight and organizational growth.
With user-friendly features, 24/7 customer support, and a proven track record of helping boards achieve better governance, Aprio is the trusted choice for organizations of all sizes.
Ready to streamline board governance? Start a conversation with our team. We’d love to hear more about your board and goals.
