If you are deciding to invest in a board portal it is important to not be solely based on cost. Many factors must be taken into consideration when assessing the cost of different portals, such as the range of features offered and the quality of customer support and secure document storage capacity and more. Apart from the price of the portal itself to take into consideration other costs that could arise with the implementation process.
This includes the cost of ensuring that your board’s technology competency is ready to adopt the new software, and also to ensure that you don’t spend too much on features that aren’t used. 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 a lot of time. A portal for board members can cut down the amount of time directors spend making meetings, reading and analyzing material, and communicating with other directors. This could mean a loss of https://boardroomlive.net/5-things-to-know-about-business-insurance/ days, particularly for boards that have multiple members who are located in different areas.
Board portals aren’t just a time-saving tool however, they also help improve and safeguard the foundations of corporate governance. They are a source of transparency, confidentiality and efficiency. The long-term costs of not adhering with these principles are much greater than any savings you might achieve by reducing the cost of a web portal.
