When deciding to invest in a portal for board members however, the decision should not be solely based on the cost. When comparing prices of different portals, it’s important to take into consideration a variety of factors, such as the features offered and the quality of customer support, the number of secure documents stored, and others. In addition to the cost of the portal itself, it is important to consider other costs that could arise with the process of implementing.

This includes the cost to ensure that your board is technologically proficient enough to be able to implement the software and don’t pay for features that are 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.

Another important factor to consider is how much time your board is able to save by using an effective board management tool. The amount of time that directors invest in preparing for meetings, reading and analyzing documents, and communicating with other directors can be substantially reduced with the help of a board portal. This could mean a loss of days, particularly for boards that have multiple members who are located in different areas.

Board portals are not only an efficient tool, but they also improve and ensure the fundamentals of corporate governance. These include efficiency, transparency, and confidentiality. The long-term cost of not adhering to these standards will be much higher than any savings you may achieve by reducing the cost of a website portal.

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