Save money with a board portal – Here’s how

A board portal is a secure and effective document sharing and collaboration tool for board members, the management, administration and other company stakeholders.

Increasingly more companies are discovering the values of a board portal in terms of time savings, security, ease of use and so on. Did you know that board portals are also cost-effective and that you can actually save money by making the shift to a portal?

Here’s 5 cost-savings related to board portals:

1: The cost of paper, printing and binding.

Have you actually looked at the money you spend on paper? What about the costs for printer ink and service? Let me tell you, it adds up to quite a number over the years! Maybe you even outsource the job to a printing agency? Then you can probably triple the costs.

And how do you present the board documents after they have been printed? I guess you don’t just staple them together and ship them to your board members? You probably take the time, and cost, of binding them together or arrange them nicely to a folder? Then there’s the cost of that added to the calculation.

2: The cost of delivery

After printing and binding the documents, you are finally ready to ship them off. Postage costs are not cheap, and if you arrange for the board papers to be delivered by courier the costs are multiplied.

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3: The costs of security breaches

Maybe you snorted at the two previous points, thinking “I don’t have these costs, I use e-mail for this!”. Sure, e-mail is simple and practically free of costs, but it is certainly not the appropriate channel for board communication!

With both e-mail and snail-mail, you lose control. Over your most sensitive documents. You cannot control that the board papers reach your board members, and you don’t know what happens to the documents after they reach their rightful recipients (if they even get there…).

With the boom of hackers and Internet scams we see these days, cybersecurity is more crucial than ever before. Privacy and security are essential elements in a board portal.This is ensured by a constant focus on security when developing the solutions and during daily operation.

Can you even begin to estimate the cost of sensitive documents on the loose, ending up in the wrong hands?

4: The cost of archiving

The cost-savings of a board portal does not end with the meeting. After the board meeting, the documents should be archived and stored for safe keeping and future reference. This takes up storage space and requires someone to manage and be able to access the documents upon requests.

With a board portal, the administration – and all the board members – have secure and easy access to all documents in their own digital archive. Rich-search functionality makes it easy to look up and go through years of history and documentation.

5: Time spent by board secretary, administration & board members

To get the full picture, make sure to also look at savings due to more effective ways of working.

Some Admincontrol customers have found that the shift to a board portal has shortened the time spent preparing and distributing board documents from 8 hours to just 30 minutes.

For board members, a board portal shortens the preparation time before the board meetings and even makes the meetings go more smoothly. Board members also appreciates the ability to work paperless. Every year, Admincontrol conducts a major customer survey with response from more than 2 000 board members. In one of the questions, the respondents are asked to highlight the biggest advantages of using a board portal. Year after year, the highest score goes to the ability to work paperless, followed by ready access to documents regardless of time and place.

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Board portals represents predictable costs in terms of a yearly fee, with all the above-mentioned cost-savings included together with the many benefits of secure and effective collaboration before, during and after the board meetings. No wonder board portals are becoming an essential tool and platform for professional boards.

Do you want to learn more board portals and what the benefits of investing in them are for the company, the administration and the board members?

 

DNV GL has used Admincontrol for about 10 years and we are impressed with the way Admincontrol is always striving to improve the solutions in the portal. In my view, it is Admincontrol’s focus on customer service that makes the whole difference.

Torbjørn Bekken, Corporate Legal Counsel and Secretary to the Board of Directors at DNV GL