Consideration of board portal costs is a significant factor to consider when making the decision to invest in a technology solution to manage the content of meetings and governance. Many organizations believe that tools such as email or file sharing online applications are free, but they have hidden costs which are difficult to quantify. This article provides an outline to justify the cost of board portals.
Board find more management software is offered at a variety of price points, and the prices differ depending on the features and functionality. Buyers need to compare pricing structures to select a solution that meets their budgets, and provides a good return on investment.
Be aware of the total cost associated with the system, which includes the initial purchase price, the system configuration as well as implementation costs and training costs, ongoing maintenance costs, data storage costs and other hidden costs. Avoid vendors that use subscription plans that have significant upfront fees and recurring charges, as they can quickly add up.
A board portal should be simple for users to get used to. It shouldn’t require extensive technical expertise or a significant amount of time from the primary functions of the board to be effective. Ask vendors about their adoption and training processes and the methods they use to make sure that users are comfortable using the platform.
A high-quality management tool for boards should be able to provide secure storage for sensitive files and documents as well as the capability to host meetings and work remotely with participants. It should also meet the compliance and governance needs of the organization, and allow for e-signatures to streamline the administrative process.