How to turn the board team into a truly effective corporate governance tool? What should be on his agenda? What are the most important board meeting tools?
The Best Board Meeting Tools for Your Business
Today, the practice of the board meeting tools is described in detail and tested in different countries, cultures, and socio-economic spheres. Has there been a single recipe for effective board meeting tools? No, and it is unlikely that it exists. Nevertheless, we would like to highlight several blocks, systematic work in relation to which can help to maximize the effectiveness of the functioning of your Board of Directors: composition, agenda, the role of the chairman, and the purpose of the board meeting tools.
So it becomes obvious to many managers soon enough that a successful feasibility study does not mean the success of the entire meeting. Even a very promising project can fail due to planning and implementation errors. If the fundamental decision to use the system for project management (PM) has been made, then for choosing a package it is useful to answer for yourself the questions related to the planning and management functions that you would like to implement:
- planning only or planning and monitoring the progress of the project;
- planning and monitoring only the timing of work;
- planning and control of financial investments without detailed planning of resource use;
- detailed planning of resource use;
- multi-project management.
The Importance of Board Meeting Tools
For each board meeting tool, during which system improvements are carried out, testing is carried out on the basis of trial data in a format and structure corresponding to real data. The system is then tested using a copy of the real database. After achieving the required parameters of the integrity and performance of the system, the appropriate modifications are made to it, which are then tested on test data, and then on a copy of real data. Only after the overall integrity of the system is achieved, it is installed for testing in the existing business environment of the enterprise (in parallel with the existing business processes).
One of the types of tools provided by integrator companies is the conversion of existing data into a new system. A long history of working with clients can be a fairly large array of data that you want to partially or completely convert into a board meeting. The more information has to migrate from the old formats to the new system, the longer the implementation process can take. As part of a project, an integrator company usually converts all information about existing and potential customers, which is available in a structured electronic form.
The important board meeting tools, at a minimum, customer names, addresses, types, telephone, and fax numbers, and key contacts. If information is not available electronically, you can manually enter data on the top 20% of customers who generate the most business for your company. A temporary employee can be used for this purpose. Information about other customers can be entered later, as needed. During the conversion process, you may want to clean up your customer data. For example, old customer records of companies you no longer work with. You may also have duplicate records, especially if you are combining data from multiple sources. For these purposes, we recommend that you allocate time for someone from the staff to view the imported data.