Pricing options of board portal vendors
Main board portal pricing factors and approaches
All companies have their unique outlook on the pricing structure for the board technology they offer. It is crucial to understand the general cost formulation approaches to allow your board members to facilitate the necessary decision-making processes within the established budget and without efficiency sacrifices.
Board portal bills can come on a monthly subscription, quarterly, annual, and bi-annual basis. Focus on the usage duration and the number of boards you will coordinate within the tool to evaluate which solution would work best.
Board software providers that use per-feature and per-user approaches calculate the final cost based on the number of users, storage, and tools companies need. In such cases, you will need to visualize the entire structure of your board with all the underlying processes to make an effective decision.
Some board portal software vendors offer to expand the platform’s functionality with additional resources, such as extra storage space or instruments.
- Insight. This approach isn’t optimal if you operate a large company or a non-profit with a fluctuating number of committees and directors since the final cost can exceed the initial budget.
Fixed monthly plans
A fixed-cost subscription is the most straightforward way to understand the platform charges, amount of software training, and specific board meetings tools upfront. For a productive board management experience, consider the subscriptions that include unlimited users and storage.
Which board pricing approach is right for you?
The process of finding the meeting management platform with the most suitable price involves evaluating the following factors:
- The number of administrators, board members, and boards that will use the software
- The resources and secure access practices specific to your industry
- Your company’s governance and board meeting organization procedures
- The budget your board can delegate towards the tool
Once you get a clear picture of your board’s needs, it will be easier to navigate among available solutions and communicate with the providers.
- Insight. Some boards use virtual data rooms they already purchased to save time and increase efficiency. However, while this approach is very cost-effective, not all board portals have sufficient instruments for productive board meeting management.
Implementing board portal software
Transitioning to a secure board management platform is a multi-step process that is not limited to the board portal pricing comparison. Finding the right software includes comparing numerous board portals to outline which technology will benefit your company. To make this decision, you must go through two stages:
1. Board portal selection
There are many board portal software solutions available on the market today. Select the most optimal one for your boards by following the below system of outlining the necessary features and building a foundation for better governance right from the scouting phase.
Defining search criteria
Ensure the utmost security and streamlined governance of each board meeting by indicating the necessary board software features for your company. Here are several key pointers to get you started:
- A centralized solution for scheduling meetings, sending reminders, tracking attendance, storing and distributing board documentation
- Expertise in your market
- 24/7/365 multilingual customer support
- Role-based access configuration
- Verified testimonials from other business executives
Based on your search criteria, look for organizations that offer board management software with the required tools and support. Make sure you are paying attention to how user-friendly any technology is and what solutions they will provide to help you improve the corporate governance of your board.
When analyzing the board software market, focus on the solutions with the most beneficial resources for your board members. This includes making sure that the board portal software can assist with your project and its cost doesn’t exceed your budget.
- Insight. Select several board companies from the same or similar categories to clearly see the advantages and disadvantages of each solution.
Gather all the data on training options, security, governance, and decision-making tools each shortlisted platform offers. Based on that information, establish how much value each software will deliver and incorporate it into your board portal price comparison.
Make sure you only consider the board portals that speak to you and your requirements. For example, Nasdaq Boardvantage is a suitable solution for enterprise-level companies in the financial sector, while BoardMaps specializes in assisting all-size organizations in government and education.
Once you’ve selected the secure board portal for meeting management and organization, you can begin the process of transitioning your board to the platform. Before you start holding board meetings, the provider’s support team will help you set up board management software and explain how it works to all key users.
For the board members to get comfortable with the new technology, the training needs to cover anything from how the software will allow them to attend a remote board meeting to configuring the features like meeting minutes generator and calendars.
- Insight. Inquire about the cost and availability of additional training in case you expect to operate other boards and committees in the future.
Installation and deployment
Consult with your system administrators on what they will need to support the board software platform on your end, including hardware and human resources. Keep in mind that a cloud-based solution will substantially streamline processes of implementation as it doesn’t require any extra technology to perform.
Once the board software is installed, you will need to ensure that the internal layout will allow you to process board meetings in the most efficient way. This includes establishing access rights, document management workflows, and governance frameworks.
Additionally, the software provider might let you adjust the interface appearance to match your brand.
- Insight. Manual board software customization can be quite time-consuming, depending on the size of your business. Ask the vendor if they can provide you with pre-configured templates and automatic instruments.
Finally, the administrators and directors will start using the board meeting management solution. It is crucial to oversee the entire workflow during this stage and make the necessary adjustments for the most optimal board operation.
Hidden costs in board portal pricing
Hidden fees are one of the highest risks of implementing board management software as they can drive up the cost beyond the budget limits and affect the board’s productivity. Below are the most typical charges that might prevent you from organizing board meetings without limits.
Extra storage and users
Any board of directors operates with large data volumes both during and outside a board meeting. Inflexible document storage that adds a fee for every additional file will ultimately surpass all budget expectations.
- Insight. Companies should always estimate their maximum requirements during a board portal price comparison and seek complete pricing transparency in providers they consider.
A reputable board management software has to be upfront about the instruments they charge for, regardless of the sophistication level. This includes enhanced security protocols, tailored support, governance consultancy, entity management, advanced contract management, etc.
Software maintenance and upgrades
Board management software maintenance can translate into hidden costs in case of on-site deployment. Administrators might require board meeting management solution developers to collaborate with them on these procedures as well as purchase additional equipment.
Every joining board member will theoretically require training on successfully employing the new technology. You can either ensure that your board management tool provider doesn’t charge for every session of higher education on the platform or include the possible extra charges in the board portal pricing comparison.
Free board portals
Over the course of the board portal pricing comparison, you will most likely wonder if it is possible to find software that enables meeting management features for free. There are two general ways this can be possible.
Free cloud storages
Cloud-storage platforms such as Google Drive or Dropbox offer sufficient space for organizing large document volumes. In theory, they can serve as free board management software when combined with external tools such as Zoom.
However, these instruments often present the risks of access security violations, leaks, and breaches. Considering that sensitive data safety is one of the key considerations for all organization types, from large credit unions to small nonprofits, a publically available cloud isn’t an optimal solution.
On top of that, software that wasn’t specifically designed to streamline board decision management won’t have all the necessary tools and services for efficient board management. Examples of such tools include:
- An integrated solution to view, edit, and sign documents
- Interactive voting
- Automatic board package assembly
- Attendance and activity trackers
- Q&A, and more
Board portal free trial
A free trial is the closest you will come to using a full-feature board management software without paying. Some providers offer such tests to present the functionality of their platform and allow users to see the instruments in action.
- Insight. Many board portals will let you test their software from a week to a month with no strings attached. This means you won’t be obligated to purchase the board portal once you get to know it. However, some vendors will only grant trial access after you sign the user agreement.
Two weeks to a month is the optimal time frame for understanding whether the board management software meets your needs. Throughout this period, you can evaluate how user-friendly the platform is, what are its member and document management mechanisms and whether the support team is responsive and helpful.
You can also use the trial run to start training the board administrators on organizing meetings, following up on the mock-up tasks, and arranging the board-related documents in the most convenient way.
Board portal pricing conclusion
Board portal pricing is essential to picking board management software within your budget. The best approach to finding the right price match is to outline your requirements and expectations and then request specific quotes from several providers.
Keep in mind that the price alone should not be your only decision-making factor. Apart from the cost, you will need to evaluate the variety of features, support quality, secure document storage volume, and more.
Ultimately, make the judgment based on the value the board portal will bring by calculating the short- and long-term return on investment. Consider all the costs you faced during the traditional meeting management and see how they get affected by the digitization via board portal software.