How Much Does a Board Portal Cost?
The decision to invest in a board portal should be made with the overall return on investment in mind, not purely based on the cost of the technology. When comparing prices of different portals it is essential to take into account a variety factors, such as the features offered and the quality of customer support, the quantity of secure documents stored, and the list goes on. It is crucial to take into consideration other expenses associated with the development of the portal in addition to the price.
This includes the cost of ensuring that your board is technologically capable enough to use the software and that you don’t overpay for features that will go unutilised. In order to avoid these issues, make sure to engage key stakeholders–including board members and IT personnel–early in the process of choosing a portal.
A board management tool can help your board save lots of time. The amount of time directors invest in preparing for meetings, reading and analysing documents, as well as communicating with other directors can be drastically reduced with the help of a portal for board members. This can result in lost days, especially for boards that have several members that are situated in different places.
Board portals are not only an efficient tool however, they also help improve and safeguard the foundations of corporate governance. These include confidentiality, transparency and efficiency. The long-term price of not adhering to these principles is more than any short-term savings you could get by shirking the expense of the portal.
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