A board analysis is a visual display, usually an enormous whiteboard, which is placed next to the process of displaying actual performance in comparison to planned performance. The board allows companies to assess its operational performance in terms of quality as well as quantity and timeliness. It also allows managers to identify and track any problems that occur during the shift or day. The chart can be a helpful tool to reduce the amount of waste and maximizing efficiency, especially for companies who operate on strict production schedules.
A common analysis of the board is to determine the background, skills and experiences needed on the board for the company to meet its strategic needs. This can be a daunting task because it requires a thorough understanding of the company’s current and future needs, as well as an assessment of how effectively the board is meeting these needs currently.
Another form of analysis for boards is to determine if the board is functioning in a fiduciary manner, ensuring the directors are fulfilling their legal and financial responsibilities and acting in the business’s best interest. A comprehensive board assessment is the only way to know if the board is functioning at this level, but many boards struggle to implement an effective system of evaluation of board members.
A board portal platform can be used to gather anonymous feedback and gain insight into the performance of the board based on candor, authenticity, and transparency. These platforms also help reduce costs, as they eliminate the necessity for paper surveys and binders.