These two terms, “board portal” and “board management software,” are usually used interchangeably in the corporate world. Even though they do share some similarities, they serve different purposes that considerably affect how boards function. Understanding the critical differences between these two tools will be important to an organization in achieving streamlined board processes, security, and communication. In this article, we address the very important basic differences between a board portal and board management software in order to answer for which one it will be appropriate for the needs of your organization.
What is a Board Portal?
A board portal is a web-based, secure environment where board members may share communications and information with each other. Board portals are virtual spaces where board members can access meeting materials, review documents, and communicate with one another within a very secure environment. The major focus of the board portal relates to document sharing and preparation for meetings.
Board portals are usually light solutions, where the key focus is on providing board members with the capability to access meeting agendas, minutes, and the documents related to it. Key in board portals is security: protecting sensitive information from unauthorized access. It also allows for remote access whereby board members can log in from anywhere to view or download material.
While a board portal is an excellent tool to give secure access to documents and meeting materials, functionalities are usually restricted to document management and simple communication.
What is Board Management Software?
Board management software, however, solves more than document sharing. It integrates various tools that assist in the whole process of board governance. Board management software integrates all the tools one may get from a board portal but also has extra functions like task management, voting, real-time collaboration, and compliance tracking.
Board management software integrates a variety of features that differentiate it, other than just document sharing for workflow automation regarding the board. In addition, it will help with the setting of agendas, the planning of meetings, tracking tasks, and even the voting on resolutions, all within the board management software to enable the boards to attend to all governance matters from a single platform.
Besides, the integration of this board management software with other business systems for analytics and reporting is something board members love when it comes to tracking performance and outcomes. It is more holistic in enhancing both operational efficiency and the decision-making capability.
Key Differences Between Board Portals and Board Management Software
To make out the difference between a board portal and board management software, it would be essential to compare their features.
The functionalities that sound within the scope include document sharing and basic communication for a board portal, while the board management software goes further in allowing one to create and track tasks assigned to certain members of the team, conduct formal votes, and collaboration features.
- Meeting Management: While both do support meeting preparation, for board management software, this is extended to scheduling, agenda creation, and real-time updates.
- Integration: Board management software commonly integrates with other systems, like email and calendars, even compliance systems, therefore making life easier for the board members.
- Reporting and Analytics: Board management software provides a way to report and follow through on the effectiveness of decisions, generally not found in basic board portals.
- Cost and Complexity: Because the latter will automatically have a wider scope, board management software tends to be costlier and takes extra time to learn than a board portal.
In general, a board portal can be a great choice for secure document sharing and access; however, board management software gives way to a more robust and broader platform aimed at enriching every element of governance.
Which Solution is Right for Your Organization?
Your choices between board portal and board management software should be highly informed by your organizational needs. You can settle for a board portal in the event that your aim is to avail secure access to documents and meeting materials. On the other hand, you will opt for the board management software when you want something more integrated with features that embed real-time collaboration, task management, and better governance.
Everything in one place is likely to be more efficient for organizations that deal with complex governance tasks, ultimately leading to better decision-making outcomes. Board management software integrates various governance tools that ensure a well-organized board, with everything not falling between the cracks.