The cost of a board portal is a crucial aspect of the decision to invest in a technology solution to manage materials for meetings as well as other governance-related content. Many organizations believe that tools such as email or file sharing online software are free, but they come with hidden costs that are difficult to quantify. This article offers a framework to help justify the cost of portals for board members.
Software for board management is available in a range of prices. The cost is based on the features and functionalities. In the end, users have to evaluate pricing structures to find a solution that fits their budgets and delivers an excellent return on investment.
Think about the total cost of a software system including the initial purchase the system configuration and implementation costs, training, ongoing maintenance and data storage as well as other hidden costs. Avoid subscription models that have large upfront costs and recurring charges. They can quickly add up.
A board portal should be easy for users to use. It should not require extensive technical expertise or time away from a board’s core business operations to use effectively. Ask vendors about their processes for adoption and training and how they ensure that their customers are comfortable using the platform.
A high-quality tool for managing boards should be able provide secure storage of sensitive documents and files and the ability to host meetings and collaborate remotely with participants. It should also support the governance and compliance needs of the organization and allow for electronic signatures to simplify the administrative process.