The Importance of Software for a Board of Directors

Nicholas J Price
5 min read
Advancements in the world are creating new pressures for boards of directors. As the news has exposed fraud and corporate wrongdoing, it's placed a greater focus on the role of board directors in diligently overseeing their corporations. Today's boards must be acutely aware of such matters as internal fraud, internal and external cybersecurity issues, transparency, board composition and many other issues.

Working in such a demanding, competitive environment requires the right tools for the right job. Software programs and apps that were designed for everyday, casual use, aren't nearly secure enough for board business. Board directorship requires software solutions for boards of directors that were designed with the necessary security and features that allow board directors to fulfill their duties while strongly adhering to good governance principles.

Governance software for boards of directors provides great value for efficiency and effectiveness in board communications.

Software Solutions for Boards of Directors Provide the Necessary Security

Diligent Boards and Governance Cloud, a suite of software solutions for boards of directors, provide all the tools that boards need. Diligent designed its board portal system so that they could add other governance tools that fully integrate with each other. The complete program provides a highly secure platform where boards can safely log in and conduct all of their board business in one place. Board directors will enjoy the convenience of being able to use a fingerprint to sign on quickly.

The platform allows boards to set user permissions according to their needs, which enhances confidentiality. All documents are stored securely in the cloud and can be retrieved easily and quickly as needed. If electronic devices happen to get into the wrong hands, Diligent has a remote wiping feature that erases information remotely, protecting important board business.

Diligent has a team of IT specialists that work full-time on ensuring that the platform continues to employ the latest security features. This saves IT departments from having to start from scratch in getting up to speed on security issues for boards.

From standard board processes to having secure communication tools, Diligent supports every aspect of good governance.

Governance Software Solutions Are Cost-Effective and Efficient

There's an initial investment in a board portal system, but that shouldn't scare anyone off from purchasing one. Preparing board meeting agendas and packets manually takes countless hours of time and added expense in paper, ink and office materials. Board portal software for boards of directors reduces meeting preparation time from hours to minutes, saving the board lots of time, money and labor. Board portal software also streamlines many of the board's laborious tasks, which gives them additional hours that they can use for doing the board's important work.

Transparency Is a Key Governance Principle

Investors and other stakeholders regularly request information from boards. When directors can pull up that information quickly, it demonstrates that they're knowledgeable and efficient. The board portal has unlimited electronic space for document storage. Whether a board officer or director needs to pull something from the bylaws, a report or public filing information, the electronic filing system helps them find it quickly.

Convenience Paves the Way to Board Productivity

While board directors are acutely aware that they need to give due diligence to their board activities, many of the conveniences of board portal technology and other software solutions provide them with the time they need to do work at the time and location of their choice.

With Diligent Boards, board directors can log into the platform from any location using any electronic device that's handy. They can work online or offline and still get information in real time. Knowing that they can work on board business at any time and in any location is a great motivator to work on the board's issues.

Board Portal Technology Supports Good Corporate Governance

The key components of good corporate governance are accountability, transparency, responsiveness, rule of law, inclusiveness, efficiency and effectiveness, participation and consensus-oriented. A board portal system and the other software solutions that comprise Governance Cloud support all the key components for good governance in various ways. Software solutions aid in compliance, fiduciary duties, board development and much more.

Benefits of a Board Portal Before Taking a Company Public

Taking a company from private to public status
is an exciting venture and one that boards want to be successful. Going public requires many days, months  and sometimes years  of preparation. This is a period of time when security is of the utmost importance. Going public requires getting many of the founding documents and other financial documents organized and ready for submission. 

By streamlining many of the regular board duties, boards have the necessary time to ensure that everything is in order when it's time to take the company public. Proper preparation and organization make transitioning to meeting the regulatory requirements much faster and easier than using manual preparation methods.

Features of Board Software Are Designed for the Specific Needs of Boards

One of the many things that makes Diligent an industry leader in board portal software solutions is that the designers met and networked with board directors to find out specifically what their needs were. Board directors repeatedly talked about needing a secure communications tool. The end result of that was Diligent Messenger.

Board directors also mentioned the need to streamline an electronic process for creating board books. The end result of that became Diligent Boards. Based on feedback and comments by Diligent's large clientele, designers responded with additional software solutions for D&O questionnaires, self-assessments, minutes, entity management and virtual data rooms. Best of all, these software programs are all fully integrated with each other and provide one highly secure platform for all board activities.

Board Directors Require a Secure Communications Platform

Serving on a board of directors requires constant communication and collaboration. As many corporations are now finding out, personal and business email accounts lack the necessary security to protect confidential board discussions. Diligent Messenger makes it possible for board directors to conduct all their board communications within the safety net of the board portal.

Why Boards of Directors Need the Right Software

In conclusion, today's boards need innovative software solutions to help them fulfill their board director duties and responsibilities appropriately. Diligent Boards and the solutions within Governance Cloud are the best software solutions on the market to help them do just that.