How Praxonomy is Empowering Board Meetings
by James Lundy
I had the pleasure of visiting Hong Kong for my first time ever this year. While there, I had the opportunity to visit Praxonomy and meet with Simon Law, Senior Manager of Go-to-Market Operations, and Katy Cheung, Managing Director. Praxonomy is a SaaS company that offers meeting software for board of directors. Simon and Katy showed me the latest updates from their platform and how customers were empowering their boards.
This blog explores what board meeting platforms are and how firms like Praxonomy are helping meet the need for increased productivity of work teams—which is especially true for boards of directors.
Time Is of the Essence When it Comes to Board Meetings
Boards are an essential part of numerous companies around the world. They make sure that the business is going in the right direction and keep companies accountable for their actions. Board meetings often cover urgent short-term objectives as well as long-term strategic goals. Board members can provide the expertise needed to help senior leadership overcome challenges and ultimately produce their desired business outcomes.
Active boards may meet as frequently as once a month, while many boards will meet quarterly or a few times a year, which is why board meetings are so important. These meetings are extremely valuable for the board members who represent ownership of the company as well as for the business leaders who are driving business results. Because time is limited during these meetings—and because many boards may meet infrequently— it’s an imperative that they optimize their time and use it to drive strategic results.
A New Way to Manage Board Meetings
Managing board meetings effectively ensures that the time spent during the meeting is not wasted and is beneficial for everyone involved. While board meeting solutions have been around for over 15 years, Aragon’s view is that today, boards need more than just a legacy portal tool. This is where the board meeting platform comes into play.
Board meeting platforms have evolved to become true work hubs that enable boards to plan, execute, and follow-up on their tasks related to the oversight of their entity. They simplify and organize the board’s workflow and allow them to focus on the work at hand rather than tracking down information.
Having a platform dedicated to board meetings establishes:
- Knowledge on who’s attending the meeting
- A clear agenda
- Clear tasks to prepare for the meeting
- Control over private data
These are the fundamentals that you’d want to have surrounding your board meetings, yet many boards feel that their meetings aren’t capturing all of these elements, which brings us back to firms like Praxonomy, who are providing a solution to manage the board meeting experience and fully utilize the time of everyone involved.
Aragon Research sees the importance of leveraging board meetings for not only time efficiency of the executives involved, but also to drive key business outcomes. We’ve identified the key components of board meeting platforms in our recent research—see Hot Vendors in Board Meeting Platforms, 2019.
As I said goodbye to Hong Kong, it was awesome to see Simon and Katy in their element. The two of them, their CEO Jay Shaw, and the whole team at Praxonomy are building a cool company. I’m looking forward to seeing their growth as they continue to empower board meetings.