Board Portal Cost – A Framework For Thinking About and Justifying the Cost of a Board Portal
Consideration of board portal costs is an important aspect to consider when making the decision to invest a technology solution that will manage materials for meetings and other governance-related content. Organizations often think of tools such as email or file-sharing software that is free online as cost-free alternatives, but these tools come with significant hidden costs that are difficult to quantify. This article provides a framework for thinking about and justifying costs of board portals.
Board management software is offered at a variety pricing levels, and the prices differ based on features and functionality. In the end, users have to evaluate pricing structures to choose a product that is suitable for their budget and gives a satisfactory return on investment.
Be aware of the total cost associated with the system, which could include the initial purchase price, the system configuration and implementation costs as well as training costs, regular maintenance costs, data storage costs and other hidden costs. Avoid companies that offer a subscription model with high upfront fees and recurring fees, as they can add up quickly.
A board portal must be simple for users to get used to. It shouldn’t require a lot of technical knowledge or time away from the main functions of the board to be effective. Request potential vendors to explain their training and adoption process and find more the methods they use to ensure that users are comfortable using the platform.
A high-quality management tool for boards will be able to offer secure storage for sensitive files and documents as well as the capability to host meetings and work remotely with participants. It should also support rules of governance and compliance for the company, and allow electronic signatures that can streamline administrative processes.