A Guide to Crafting Effective Board of Directors Minutes

Organizations with multiple projects and large teams can face challenges when executing their projects. Many tasks require your attention, such as ideation, planning, implementation, execution, as well as crafting the effective Board of Directors Minutes, which will be described in the article below.

Board of Director’s role in the success of the organization

The role of the Board of Directors in the activities of any organization is very high. Enterprises, institutions, and other organizations use it in order to keep production secrets; hide service data; do not make public information about the personal life of their employees; hide the financial side of the activity.

The basis of the Board of Director’s activity is the process of finding and implementing a particular management solution in a specific situation, characterized by a specific combination of factors of the external and internal environment. The key condition for a high-quality solution is a wide range of alternatives. The application of training forms of education is aimed, in most cases, at the development of decision-making skills in the conditions of a certain combination of factors of the external environment.

Stages of document flow in the organization that are performed with the Board of Directors are the following:

    • expedited processing of documents received by the organization;
    • preliminary review of documents by the management documentation support service;
    • registration of documents;
    • organization of the rational movement of documents within the organization, including delivery of documents to executors, control over their execution, approval and signing of draft documents;
    • processing completed documents and sending them.

How to make an effective Board of Directors Minutes?

The circulation of management information is carried out with the help of the Board of Directors. The processes of record keeping and document management are considered, first of all, as a documentary reflection and provision of management processes. In this sense, record keeping and document management should be considered as documentary management support, that is, as a system of secondary processes that provide and reflect management processes.

To create the Board of Directors Minutes where every employee has the opportunity to participate in business risk management, you need to integrate processes and systems. What is the role of technology here? Risk assessment requires a hybrid architecture that combines textual information with quantitative indicators. Therefore, knowledge repositories (textual information) and data repositories are needed.

Crafting an effective Board of Directors Minutes will help the Board to do the following:

      • to systematize work on the Board’s strategy;
      • hold strategic discussions, discussions about the strategic and technological challenges of the next 10 years and opportunities for adapting/transforming business elements;
      • introduce digitalization of business elements;
      • build a change in the business model for remote (remote) work;
      • organize face-to-face meetings (personal meetings) of members of the Board of Directors when the restrictions imposed in connection with the pandemic are lifted.

Obviously, with the effective acta consejo de administración, you will have the opportunity to create video conferences to discuss important issues with your board of directors or employees reporting to you. Moreover, you can use both third-party resources and your own developments. In most cases, it is flexible and can even use third-party developers for video conferencing.

Tech Due Diligence Checklist

The due diligence procedure is becoming more and more popular among entrepreneurs. The essence of the procedure is to provide detailed information about the investment object – a company, real estate, or land. So, in this article, we will consider the purpose of the tech due diligence checklist.

Risk factors: what is tech due diligence when choosing a counterparty?

Infrastructure, real estate, industrial and commercial facilities, or even knowledge-based companies are attractive investment objects. A successful business transaction requires an accurate assessment of the future and viability of the target based on a mostly limited information base, as well as knowing the technical and operational risks in advance to be able to mitigate them.

The tech due diligence evaluates the economic value and the future economic opportunities and risks of your target object. You receive a precise assessment of the tangible and intangible assets. Due diligence provides you with well-founded statements in the shortest possible time, based on which you can decide on a transaction. Tech due diligence is focused on the study of production technologies, security, and condition of production equipment, environmental friendliness of production.

This kind of procedure is aimed at studying the following aspects:

  • technical and commercial competitiveness based on international and national benchmarks;
  • the effectiveness and efficiency as well as capacities of the value chain based on the underlying systems and intangible assets (e.g. patents, licenses, processes, competencies).
  • the operational organization, the processes, and the technical management;
  • the requirements of regulations and their effects.

But it’s about more than just a purely technical analysis of the target. As part of tech due diligence, companies also examine business cases and the associated financial models from a technical perspective.

Virtual data room for tech due diligence

Virtual data rooms help to significantly speed up the process of working with documents and get a complete picture of all areas of the company. This software solution ensures the following benefits for organizing tech due diligence:

  • the ability to unload a large amount of electronic documentation;
  • simultaneous work of a group of employees with the document in the “online” mode;
  • creating an online discussion of the document;
  • comparison of different editions of documents;
  • procedures for protecting the information contained in the document;
  • copying and archiving;
  • application of means of individualization (for example, watermarks);
  • the possibility of using an electronic digital signature, etc.

How to write a due diligence report?

After conducting a complete analysis of the information, the team of experts provides an independent report on the results of tech due diligence. It must include a risk assessment for each issue in the list and the rationale for such an assessment.

Based on the results of such a study, if a positive decision is made, an investment offer or memorandum is drawn up, summarizing all the conclusions and formulating a proposal for the investment committee, which adopts the final verdict. As a rule, drawing up a memorandum means almost a final decision, because in the venture business it is customary to trust each other: the investment committee undoubtedly relies on the opinion of the executive director or fund manager, who in turn is fully responsible for his proposal.

Having read the results of the report on the due diligence, it will be easier for the investor or the buyer to decide on the expediency of the transaction, to assess all its advantages and disadvantages.

Internal Content Sharing Platforms – Why Your Business Need It Now

Sometimes, collaborating on a document online can bring even the most reserved person to the boiling point because people do not know about the existence of software solutions that make such work much easier. In this article, we will consider the functionality of content-sharing platforms for easier collaboration.

Content sharing platforms – a new trend in business

Content collaboration platforms have evolved over the years from a simple communication channel into a true innovation center for companies, enabling task, project, and document management. With new features being added all the time, it can be difficult to keep track of all the options available on these platforms.

Internal content sharing platforms provide a central platform where team members can store and share data to brainstorm and solve business problems or complete projects. Such collaboration software allows team members to communicate effectively regardless of location. Examples of such solitons include the most common work-related software companies use in their daily practice.

Less well-known are the collaborative tools that enable boards to work effectively. This type of software is known as virtual boardroom software, board management software, and many other synonymous terms. It has all the functionality of the classic collaboration tools while offering some extra features as they are solely focused on the whiteboard.

Choosing the right collaboration software also gives everyone an incentive to explore new channels of communication. Weekly team meetings and email updates can quickly get boring and repetitive. Team members lose interest and don’t get much use out of them.

How do content collaboration platforms work?

Content collaboration platforms are designed to allow users to create virtual workspaces for collaboration between permanent and ad hoc teams. Most platforms support privacy and data security policies that protect corporate data and users. They also enable organizations to enforce compliance and legal requirements for data sharing and storage, logging, audit/disclosure, and archiving.

These are some core features of team collaboration platforms:

  • messaging
  • chat
  • channels
  • voice calls
  • video conferencing
  • screen sharing
  • calendar
  • file sharing.

Content collaboration platforms have the following benefits:

  • increasing security. Due to the means of delimitation of access, a company can strictly control the access of employees to information and documents. Having a single database allows companies to archive and restore information in a short time;
  • reduction of time of access to information. Any document can be sent by e-mail or using communication of the electronic document management system;
  • optimize the storage of data. A single data warehouse reduces the need to store many copies of documents. Document access and indexing tools that use electronic document management systems allow users to instantly access the necessary documents and other information.

Virtual data room – a perfect solution for business collaboration

Virtual data rooms for mergers and acquisitions serves as a good alternative to content sharing platforms as the software enables a secure data warehouse and collaborative tools for deal-making. Data room functionality allows you to use this solution as a single platform for managing all business processes in the electronic environment: content management, electronic document management, project management, task setting and control, content exchange, and more.

The global market of data room solutions is presented by the following vendors:

  • Intralinks
  • Merill
  • Securedocs
  • Firmex
  • Docusign
  • Ansarada
  • Citrix

For senior management, the data room provides the ability to track and regulate all processes and operations online. This allows you to accumulate daily operational, statistical, and analytical information about the work of personnel and, if necessary, quickly respond to identified shortcomings, set and distribute tasks, thereby increasing the overall performance of the enterprise.

Box Virtual Data Room Review

The Box was one of the first cloud storage available for commercial use. It has been continuously improved to offer a reliable secure data room. This article is a comprehensive review of the Box virtual data room.

Box data room or how to increase your business efficiency?

It is no secret that the successful conduct of any business primarily depends on how the mechanism of organizing documents. After all, working with paperwork is not fun, but it is an important part of managing the company. To optimize document management, most companies use virtual data rooms.

The Box virtual data room is a service that allows you to store documents, images, videos, financial papers and reports, spreadsheets, and more in the cloud. It is a special software through which documents are processed electronically. In other words, thanks to the data room it is possible to transfer documents between employees, issue individual tasks, archive, etc.

Probably many organizations know how to create electronic documents, store and transmit them. However, the electronic format simply will not have any legal force. In order for e-paper to gain weight, it is important that it is signed by both parties. In this case, the documents must be sealed with a special electronic signature.

Box data room is a kind of workflow system. This type of system is widespread among users due to the fact that its main task is the organization and automation of business processes. With such software, it is easy to do business, and document management is just a pretext for the existence of working moments.

What about Box data room software functionality?

Box data room solution performs the following functions:

  • Document repository. Documents are stored centrally in a single database. The system has powerful tools for searching documents (including full-text search). You can structure all kinds of files into folders.
  • Document libraries. You can design documents of any type and complexity using the Dropbox document library functionality. To quickly get started with your documents, add fields, mark features, assign a folder to the document and “distribute” it to users – it’s simple.
  • Custom file-sharing. Third-party users can gain access using a link sent by e-mail or another convenient method. At the same time, in the free version, you can only view, download and comment on files, you cannot edit them.
  • This service allows you to synchronize folders between computers and other devices and use cloud storage. At the same time, the user has the ability to copy, delete, change the name of folders and files, as well as open them in a browser using the functionality built into the data room.
  • The service supports various file formats, ranging from text documents to PDF. When uploading files via the web interface, a file size limit of 20 GB appears (it is relevant only for paid plans, since the size of the “cloud” itself does not allow attaching a larger file in the free plan).
  • Transparency of the document movement procedure. If the system is configured, several people can watch the execution of the document by executors, controllers, managers, it is easier to control the stages, diligence, relevance, etc.

It also should be mentioned that the Box data room allows employees to work remotely, access documents while in units that are geographically distant from each other, while still saving money that is usually spent on full-time couriers, courier companies involved, postage, etc.

So, this functional platform allows you to monitor the work of the team in general and each employee in particular. Its application is especially needed by companies with a large number of projects, on which different teams of performers are working.