There’s a lot to factor in when selecting board management software, or a board portal, for your organisation. Those who are new to the technology might focus on cost or features alone. That may be a good starting point, but the evaluation of the board portal platform shouldn’t end there.
In this blog post, we round up five key questions you should ask board management software providers about their board portals. These should serve as a catalyst to better conversations around transparency, cost-benefit, and overall gains associated with board portals. The hope is that these questions help steer you to the board portal that meets your needs.
5 KEY QUESTIONS TO ASK WHEN CHOOSING A BOARD PORTAL
1. “First of all, is a board portal right for my organisation?”
The early adopters of board portal technologies were primarily large, public corporations. This has changed in recent years. Companies and organisations of all sizes, across sectors and industries, are now using board portals. Its accessibility can be attributed to the digital era and the advancements it brought forth. (We have, after all, come a long way from simply relying solely on printed documents.) There was also the need to adhere to regulatory and compliance requirements, as well as the desire to incorporate proactive initiatives to thwart cybersecurity threats and risks. With the realities of globalisation and geographically dispersed boards, there, too, was the desire to have an efficient, modern — and more optimised — way of conducting board business.
To effectively answer this question, take a reflective approach to see if you’re looking to:
- Secure and digitise your board governance activities
- Make it easier to meet board compliance, transparency, and regulatory objectives
- Help your board members get their work done in an efficient, seamless, and effective fashion
If any of these resonate with you, then a board portal is worthy of adoption and consideration.
It then becomes a matter of which provider you work with.
But once again, consider the structure of your board, its size and needs. It doesn’t always make sense to evaluate on the basis of cost, features, or reputation alone.
For instance, larger, more established providers may have complex, over-engineered board portal features that your board doesn’t require. It merits no reason to pay a premium for that. It may also negatively impact the adoption of the tool.
The opposite, of course, can hold true: by merely looking at cost, for example, you might opt for a board portal with functionalities that constrain the effectiveness and efficiency of the board.
In general, those who avail of a board portal prioritise efficiency, security, compliance and modern digital governance. If you’ve considered those, a case can be made for a board portal solution.
2. “What kind of support and training will I receive?”
Board members are busy people. If they encounter functional roadblocks with the software, they should be able to reach out and have access to dedicated Client Services or Support teams. Best-in-class board portals offer 24/7 phone or email support. This is in addition to comprehensive in-app help guides.
Onboarding is critical to the successful adoption of board software by board members, and knowledgeable providers place premium focus on this. Onboarding should be tailored to the board’s or users’ needs, their roles, and familiarity with board portal technology.
The best board portal providers don’t leave their clients to figure out the software on their own, regardless of how easy it is to use. They understand that excellent customer onboarding and customer support are integral to their business. In fact, it is usually central to the ethos of the company. These board portal providers want their customers to succeed.
3. “How do board portals keep my information secure and private?”
There are a number of ways that board management software providers ensure privacy and security of your information. We’ll touch on a few of them.
Most board management software providers’ have physical servers that are monitored 24/7, in a controlled-access facility. The location of these servers should ideally be strategically made. For instance, Boardlogic, Praxonomy’s board portal, has extensively considered where these physical servers should be located. (They’re hosted in Amsterdam to ensure that client data is protected by GDPR, and any notices served on Praxonomy for the production of data will have to be subject to Dutch law.) Ask also about their disaster recovery plans.
For security within the board portal itself, all client data should be protected by advanced encryption technologies. This is to secure the communication between the client application and its servers. In the event that an unauthorised entity gains access to board data, they will not be able to read it. Also, look for features that cover remote-wipes, role-based permission settings, and secure password protection.
On the topic of discoverability, board portal providers understand that boards discuss highly sensitive and strategic information. Clients should feel secure when using the board portal. Leading board portals do not track how clients use the board portal. They do not have access or visibility into which documents are deleted, edited, downloaded, deleted, or viewed. Board members remain confident that their activities and data remain internal to the board.
Finally, look into the platform and provider’s security certifications and accreditations. As examples: Are they members of data-privacy certification bodies? Or are they ISO 27001 certified? (For more information around data security standards and why they matter, see this post.)
4. “Will subscription costs increase as we scale?”
For many, pricing can be a major factor when deciding to implement a board portal solution. But not all board providers are transparent about additional fees that clients might rack up as their boards grow.
Ask about any hidden or extra costs that will be incurred as the board scales (apart from the standard user-subscription cost, of course), be it for additional/subsequent training, the addition of system administrators or number of committees, dedicated client support, and data storage.
5. “Can other users vouch for the board portal and the services provided by the board software provider?“
Go beyond what is presented in the demo or pitch. Take a look at the board portal provider’s roster of clients and consider their testimonials. Look at case studies, or ask to be connected to an existing client for feedback.
Review sites such as G2.com should also offer some insight into the advantages of partnering with the provider, as well as the areas that they need to improve upon.
Conclusion
When evaluating board portal providers, it’s important to keep in mind that you’re entering a potentially long-term partnership. These questions should offer some baseline considerations and present different angles to help you determine if it’s a right fit. No two providers are exactly the same. The right questions matter, and the fine print makes a difference.
For a more thorough discussion on what to look for when evaluating board portals, download our Definitive Guide to Selecting a Board Portal. Learn about what features to look for, the non-negotiables to have, and how to build an effective business case for board management software.
Carissa Duenas