The decision to invest in a portal for board members should be made with the total return on investment in mind, and not purely based on the cost of the technology. When comparing the prices of different portals, it’s crucial to consider a variety of factors, such as the features offered, the quality of customer support, the volume of documents that are secure, and the list goes on. Aside from the cost of the portal itself, it’s important to consider the other costs that could arise in the process of implementing.
This includes the cost of ensuring that your board is capable enough to use the software and do not pay too much for features that will go not utilized. 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 make your board more efficient by saving a lot of time. The amount of time directors devote to preparing meetings, reading and analysing materials, and communicating with other directors can be drastically reduced with the help of an online portal for boards. This can result in days of lost time especially for boards that have multiple members from different locations.
Apart from the direct advantages of reducing time board portals also protect and strengthen the foundational pillars of corporate governance. They are a source of transparency, confidentiality, and efficiency. The long-term cost of not maintaining these standards is much greater than any savings you could make by skimping on the cost of an online portal.
www.boardroomlive.net/5-things-to-know-about-business-insurance/
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