The consideration of the cost of a board portal is a significant factor to consider when making the decision to invest in a technology solution to manage materials for meetings and other governance-related content. Most organizations consider tools such as email or file-sharing apps that are free online as cost-free alternatives, but these tools have significant hidden costs that are difficult to quantify. This article offers a framework to help justify the cost of board portals.
Board management software is offered at a variety of prices, and prices vary based on features and functionality. Buyers should look at pricing structures in order to find a solution that meets their budgets, and provides a good return on investment.
Take into consideration the total cost of the solution, which may include the initial cost of purchase, system configuration, implementation costs as well as training costs, regular maintenance costs, data storage costs and other hidden costs. Avoid providers that have a subscription model that has significant upfront fees Read More Here and recurring costs, as they can add up quickly.
A board portal must be easy to use. It shouldn’t require extensive technical expertise or time away from the board’s primary business operations to use effectively. Ask vendors about their adoption and training processes and the methods they use to ensure that their customers are comfortable with the platform.
A good quality board management tool will be able to provide secure storage for sensitive files and documents in addition to the capability to host meetings and work with remote participants. It should also meet the compliance and governance requirements of the company and permit electronic signatures that can streamline administrative processes.