In the rapidly evolving business environment, the implementation of sophisticated board management software has become an essential requirement for boardrooms worldwide. Such software considerably amplifies efficacy and output by offering instantaneous access to pivotal information, refining communication and decision-making processes, and assisting organisations in fulfilling their ESG obligations. While numerous merits accompany the use of board management software, here we will focus on two distinct categories – board evaluation software and board portals – looking at how their integration can optimise boardroom operations.
Board Evaluation Software – (Evalu8)
“Introducing technology into the boardroom can instantaneously foster a culture of growth in board effectiveness.” – Stuart Frier, Senior Director at Evalu8
Board evaluation serves as a critical procedure that empowers boards to assess their performance and pinpoint areas requiring enhancement. Software, such as evalu8, streamlines this process, rendering it more convenient and efficient for boards to carry out evaluations routinely, while offering several immediate advantages, such as:
- Customisable evaluation templates: Evalu8 enables boards to create or modify bespoke evaluation templates targeting specific focal points, including governance, strategy, or risk management.
- Automated distribution: Evalu8 ensures seamless distribution of evaluation templates to board members, eradicating manual distribution requirements and guaranteeing simultaneous access to the evaluation for all members.
- Enhanced data collection and analysis: Evalu8 facilitates real-time data acquisition and assessment from board members, generating superior insights into board performance and recognition of improvement areas. This data can be employed to devise action plans and monitor progress longitudinally.
Board Portals – (Boardlogic by Praxonomy)
Board portals such as Boardlogic are centralised, secure, online hubs designed to administer and manage key activities associated with the work of Boards of Directors, including:
- Providing secure access to the latest board documents: via any web-enabled device, permission controlled, with private and collaborative annotations, as well as access to past board-packs and meeting records.
- Completing tasks: whether taking part in votes, digitally signing documents, reviewing meeting minutes or other bespoke tasks, both set and recorded within the portal.
- Providing a ‘single source of truth’: through an auditable record of the board’s meetings and the decisions made.
The combination of utilising tools specifically designed for board evaluation and secure collaboration can significantly optimize boardroom operations. Identifying areas for improvement and enhancing the accessibility of the information needed for informed decision-making is critical for Board effectiveness. Together, the two provide real-time access to information and streamline the decision-making process. Board management software is essential in today’s boardrooms for achieving increased efficiency and productivity and by using these software types together, boards can access the latest information, identify areas for improvement, develop action plans, track progress over time, and streamline the decision-making process.
“We are delighted to be working with Evalu8 to share the benefits of both offerings for boards of directors.” – Jay Shaw, CEO at Praxonomy CEO
This article is brought to you by Evalu8 and Praxonomy. If you would like any further information, please reach out to them through the details below:
Tim Gilkison, Praxonomy Ltd
Stuart Frier, Evalu8 Ltd