A Comprehensive Guide to Understanding Board Portal Costs and Effective Usage

All virtual board software vendors have their own approach to structuring the solutions they offer. Understanding the general factors that affect the final cost is crucial to ease the decision-making according to your budget and without sacrificing time.

To explore a board portal pricing comparison in detail, you can review our article on this topic.

Frequency of payments

The bills you must pay to access the software can come on a different time basis: per month, quarterly, twice a year, or per year. Concentrate on the term of use and the number of boards you will handle within the board portal software to estimate the solution that would work best for you. More frequent payments are more likely to be pricier.

Cost-formation approaches

Providers of board management software that adopt per-user and per-feature pricing systems form the final charge according to the number of board portal members, storage room, and instruments the client companies require. In these cases, it is best to picture the whole configuration of your board with all the hidden processes to make the correct decision.

Add-ons

Many paperless meeting solution providers propose extending the software’s functionality with extra tools, such as additional storage space. This method of analyzing the value for money of the software in question is optimal if you have a large business or a non-profit organization with a varying number of directors and committees, as the final pricing can outmatch the established budget.

Fixed monthly subscriptions

A fixed-cost plan is the most transparent way online board meeting software providers can offer. This type of price formation system specifies the tools included upfront.

For a fruitful online board management experience – unlimited storage space and user amount subscriptions are a smart choice.

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Hidden fees in board portal pricing

If you do not clarify the provider’s pricing system at the stage of introducing yourself to their product, there is a high chance you will encounter hidden costs. These can increase the initial pricing above your budget limits and badly affect the board’s work process. Below, we have written the hidden charges that are most frequently overlooked.

Extra users and storage space 

All boards of directors work with large amounts of data during the meetings and on their own. Limited storage capacity can cause a need for additional gigabytes. This, in turn, can trigger a surpass of the established budget.

  • Insight. We advise estimating your organization’s maximum storage space requirements when comparing board management software prices. We also recommend you ask the providers for absolute pricing transparency.

Advanced features

The preferred software provider must be upfront and clear about the tools you will be charged for, in spite of the intricacy level. This includes improved safety protocols, custom support, administration consultancy, entity management, etc. 

Software upgrades and maintenance 

Board management software maintenance can incur extra costs if you order on-site deployment. Administrators might want the providers to help them install their solution, configure the settings, or buy and then install other equipment within the premise of the organization’s facility.

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Additional training

Every board member joining after the initial training will probably need instructions on how to use the technology successfully. In order to avoid the additional cost of every educational session, it is best to clarify this question with the provider. 

How to choose a board pricing system that is right for you? 

The method of choosing the platform with the most reasonable pricing involves assessing the subsequent factors:

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  1. The number of admins, members of the board, and type of boards that will operate the software.
  2. The resources and protection access procedures are typical to your industry.
  3. Your institution’s board meeting organization and governance procedures.
  4. The budget that your organization can spend on the software.

 

Once you precisely understand the needs of your board, it will take much less effort to make the right choice from the available software options and discuss the remaining questions with the providers that can best meet your requirements. 

Implementing board portal software

Choosing a secure solution that fits your requirements is a process that has a few steps. One must understand that this process isn’t limited to comparing the pricing of the options in question. To find the proper software, you must compare numerous online meeting solutions according to the functionality that will facilitate your organization’s work process. 

There are two main stages to consider when analyzing, and each has a few substages:

  1. Selection
  2. Adoption

 

Board portal selection

It is essential to select the optimal option by following the system below. These steps are vital for building a basis for more efficient governance.

  • Defining the research criteria
  • Conducting the research
  • Shortlisting
  • Comparing

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Adoption

Once the most suitable board portal is selected, it is time to begin transitioning to the online meeting system.

  • Training
  • Installation and deployment
  • Customization
  • Implementation

 

Before you start holding the actual sessions, you will be instructed by the support team on how to set everything up.

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