Examining the cost of a board portal is a board portal cost key factor in the decision to invest in a technological solution for managing materials for meetings as well as other governance-related content. Organizations often consider tools such as email or free online file-sharing applications as free options, but these tools are accompanied by significant hidden costs that are difficult to quantify. This article will provide a framework for thinking about and justifying costs of portals for board members.
Board management software is available in a variety of price points, and the prices differ depending on the attributes and features. Buyers need to compare pricing structures in order to find a solution which fits their budgets, and also provides a decent return on investment.
Be aware of the total cost associated with the solution, which may include the initial cost of purchase, system configuration cost, implementation and training costs, ongoing maintenance costs, storage costs for data and other hidden costs. Avoid subscription models that have expensive upfront costs and regular charges. They can quickly add up.
A board portal should be easy for users to adopt. It shouldn’t require a lot of technical knowledge or time away from the board’s core functions for it to function effectively. Request potential vendors to explain their process of adoption and training, and how they ensure that users are at ease using the platform.
A high-quality board management tool must be able of providing secure storage of sensitive files and documents as well as the capability to host meetings and collaborate remotely with participants. It should also be able to meet the needs of governance and compliance of the company, and allow for e-signatures to simplify the administrative process.