The decision to invest in a board portal must be taken with the overall return on investment in mind, and not solely on the cost of the technology. When comparing the costs 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 volume of documents that are secure, and others. Apart from the price of the portal itself to think about other costs that could be incurred with the implementation process.
This includes the cost of ensuring your board’s tech-savvy capabilities are capable of implementing the new software, and to ensure that you don’t overpay for 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 save your board a lot of time. A board portal can help reduce the amount of time directors are spending in preparing meetings, studying and analyzing documents, and communicating to other directors. This could add up to days of lost time, especially for boards that have multiple members from different locations.
Aside from the direct benefits of saving time board portals also protect and enhance the fundamental pillars of corporate governance. They are able to improve efficiency, transparency, and confidentiality. The long-term costs of not adhering to these standards are far greater than any savings you could achieve by reducing the costs of a web portal.