The cost of a board portal is a crucial aspect of the decision to invest in a technological solution for managing materials for meetings and other content related to governance. Many companies believe that tools like email or file sharing online programs are cost-free, but they have hidden costs which are difficult to quantify. This article aims to offer a framework for thinking about and justifying costs of portals for board members.
Software for managing boards is available at a variety of prices. The prices are based on the features and functionality. Buyers need to compare pricing structures to choose a product that will fit their budgets and provides a good return on investment.
Take into consideration the total cost of the solution, which may include the cost of the initial purchase, system configuration, implementation costs including training and other costs, ongoing maintenance costs, data storage costs and other hidden costs. Avoid providers that have subscription plans that have significant upfront fees and recurring charges, as they can quickly add up.
A board portal should be user-friendly. It should not require extensive technical expertise or time away from a board’s core business functions to utilize effectively. Ask vendors about their processes for adoption and training, and how they make sure that users are comfortable using the platform.
A high-quality board management tool will be able to provide secure storage for sensitive documents and files, as well as the capability to host meetings and collaborate with remote participants. It should also support governance and compliance requirements of the organization and allow for electronic signatures to streamline the administrative process.