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A board analysis is a visual display–often a large whiteboard–located beside an activity that displays the actual performance and compare it to the anticipated performance. The board lets an organization evaluate its performance in terms of quantity and quality. The board also allows managers to recognize and track any issues that arise during the work shift or day. The chart can be a valuable tool for reducing waste and increasing efficiency, especially for companies that adhere to strict production schedules.
A common analysis of the board is to determine the backgrounds, skills and experiences needed by the board to enable the company to meet its strategic needs. This can be challenging since it requires a deep understanding of the company’s present and future needs, as well as an assessment of whether the board is meeting those needs at present.
Another form of assessment for boards is to determine whether the board is operating at a fiduciary level, making sure that directors are adhering to legal and financial obligations and acting in the best interest of the company. Only a comprehensive board assessment can determine if a board is functioning at this level. However, many boards struggle to implement a formal board evaluation process.
Another option is to use a platform for board members that offers pre-built assessment templates crafted by experts in governance and that collects anonymous feedback to provide insights into the board’s performance, based on honesty and transparency. These platforms can also reduce costs, as they eliminate the requirement for paper surveys as well as binders.