6 questions you need to ask about board portal software
The pressures on organizations today are constantly increasing and boards need to be responsive to these ever-changing demands. One of the best ways in which board directors can stay informed and properly advise a corporation is by using a board portal to remain connected.
Technology can help board members quickly sign important documents, approve new policies, and determine business strategies. If you’re thinking of using a board portal, make sure you ask yourself the five questions below first. In doing so, you’ll ensure that you choose the best software that will help your board governance continue to flourish.
1. Can you store and share important documents on the portal?
One of the first things to note when searching for a board portal is whether the platform allows you to easily store and share documents. Good board software should permit administrators to upload documents, agendas, and reports and share these with board members. Moreover, administrators should be able to adjust viewing and editing permissions so that only the individuals who need to access certain documents, can open them.
Not only is it important that any board portal software you use allows you to store documents, but you should also check if it enables directors to easily review and sign documents virtually. In doing so, you can send documents via the portal and get them approved by directors in minutes, minimizing the time it takes to sign off new policies and ensuring your board continues to run smoothly.
2. How do board portals safeguard information?
Since you’ll require a board portal to store and share confidential documents with directors, you need to check that any platform you use is secure. When searching for board software, you should ask how the platform keeps your information safe. There should be encryption or bank-grade security measures in place to ensure no unwanted third parties can access the portal.
Moreover, administrators and directors should be able to set up additional security controls such as multi-factor authentication and biometric recognition for logging into the platform. There must also be internal access controls that allow you to customize who can see what, and administrators should be able to remotely wipe virtual document annotations that could contain private information.
It's also worth asking, how much the board portal company spends annually on security. Computershare spends millions per annum on security solutions to ensure its governance products, such as BoardWorks™ provide organizations with the safety measures they require.
3. Is the portal scalable?
As your company grows over time, you’ll likely create new board committees. Therefore, you need to choose a board portal that can scale up alongside your business, enabling you to add new committees and users as your organization increases in size.
Along with offering scalability, board portal software should permit you to upload and store an unlimited number of documents and create as many meetings as you need, ensuring you can support board members as your organization increases in size.
Before choosing a board portal, make sure you know of any additional scalability costs. Some platforms have charges for adding new committees or increasing document storage size. Fortunately, BoardWorks offers an all-inclusive pricing model, which includes all functionalities at one price. You’ll only ever pay for additional users, but never for new committees, meetings, or more storage space.
4. Is there dedicated customer support?
Your board members are busy people and can’t afford to lose time due to technical difficulties when using board software. On the contrary, a board portal should make a director’s life easier and be user-friendly.
However, there may be technological issues from time to time and directors may have questions regarding how the platform works. Therefore, it is essential that you find out what customer support is on offer with board software. From dedicated account managers to 24/7 customer support via email and live chat, there should be an easy way for administrators and directors to get in touch with a support team when they need it.
If possible, find out how many people the board portal company employs and how this affects customer service and implementation of the board software. The more employees there are, the more likely it is that you’ll receive dedicated customer support from the moment you purchase the software.
5. How much does the board software cost?
It's worth keeping in mind that although board governance solutions may seem costly at first sight, they are far cheaper than manual management processes. Printing and binding board books can be a large expense due to paper costs, and administrative expenses are usually extremely high.
Furthermore, security breaches can cause massive financial loss to companies; so, by using a portal to securely store all documentation related to your board, you’ll minimize security risks and the economic consequences that often come with them.
Using a board portal should help you cut costs by saving you money. However, this type of software still has a price tag, meaning you need to get a clear idea of the board portal cost before purchasing it. Some board software solutions increase in price depending on how many features you choose to add on. However, other programs, like BoardWorks, are available at a set fee which doesn’t change regardless of how many meetings you plan or committees you have.
6. Is the board portal provider a name you can trust?
You’ll use a board portal to store and share a lot of sensitive information. Therefore, you need to ensure that the company behind the software is trustworthy and offers transparency.
It’s worth opting for board software from a well-known company like Computershare. Since Computershare is a publicly traded company, you can find important information, such as financial records, more easily than with a private company. This information indicates how well a company is operating and provides reassurance that you’ll be able to have a long-standing relationship with a well-performing partner.
Get a BoardWorks demo today
If you’re ready to step up your board governance, then it’s time to implement BoardWorks into your management processes. Computershare’s board portal allows you to easily communicate with directors and manage all documents and meeting information in one place.
With BoardWorks, you’ll be able to reduce costs, improve time management, and increase director engagement. Moreover, you’ll benefit from partnering with a recognized company that can provide your board with the support it needs to function well and grow.
Contact our team today for a BoardWorks demo or to find out more information about our software.