When deciding to invest in a portal for board members one should not be based solely on price. Many factors must be taken into consideration when assessing the cost of various portals, including the variety of features offered, customer support quality and secure document storage capacity and much more. It is important to take into consideration other costs associated with the launch of the portal in addition to the price.
This includes the cost of ensuring that your board’s tech-savvy capabilities are capable of implementing the new software, and that you don’t overpay for features that aren’t being 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 spend preparing meetings, reading and analyzing the material, as well as communicating to other directors. This can result in days of lost time, especially for boards that have multiple members from different locations.
Apart from the direct advantages of time savings board portals defend and improve fundamental cornerstones of corporate governance. They are able to improve efficiency in transparency, efficiency, and confidentiality. The long-term cost of not adhering to these guidelines will be much higher than any savings you might save by shirking the cost of a website portal.