Consideration of board portal costs is an important aspect to consider when making the decision to invest a technology solution that will manage the content of meetings and governance. Many organizations believe that tools like email or free online file sharing software are free, but they aren’t. They have hidden costs that are difficult to quantify. This article is designed to provide an approach to thinking about and justifying the cost of portals for board members.
Board management software is offered at a range of price points, and the costs vary depending on the features and capabilities. In the end, users need to look at pricing structures in order to choose a product that is suitable for their budgets and delivers an excellent return on investment.
Think about the total price of a software product that includes the initial purchase along with system configuration and deployment costs such as training, ongoing maintenance and data storage as well as other hidden costs. Avoid companies that offer subscription models that charge large upfront costs and recurring charges, since they can quickly add up.
A board portal should be easy for users to adopt. It shouldn’t require a lot of technical expertise or time away from the board’s main business tasks to be used effectively. Ask prospective vendors to describe their process of adoption and training, and how they ensure that users are comfortable using the platform.
A good board management software will be able to offer secure storage for sensitive documents and files, as well as the capability to host meetings and work with remote participants. It should also be able to meet the needs of governance and compliance of the organization and allow for electronic signatures to simplify administrative processes.
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