The decision to invest in a portal for board members should be based on the overall return on investment in mind, and not solely on the cost of the technology. When comparing costs of different portals it is important to take into consideration a variety of factors, such as the features available as well as the quality of customer support, the volume of documents that are secure, and other things like that. It is essential to consider the other costs associated with implementation of the portal, in addition to the cost.
This includes the cost of ensuring your board’s technical competence is up to date with the latest software, and to ensure that you don’t pay 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.
Another important factor to consider is the amount of time your board will save using an online tool for managing your board. The amount of time directors devote to preparing meetings, reading and analyzing materials, and communicating with other directors can be substantially reduced by the use of the board portal. This could result in a loss of days, especially for boards that have multiple members who reside in different places.
Aside from the direct benefits of reducing time Board portals protect and enhance the foundational principles of corporate governance. They are able to improve efficiency transparency, transparency, and confidentiality. The long-term costs of not adhering to these guidelines are greater than any savings you https://boardroomlive.net/ could make by skimping in the costs of a web portal.