Board members will find it easier to manage the operations of a company when they have access to a board portal that enables paperless workflow. The software will enable them to manage the flow of information more efficiently and distribute responsibility more effectively and lead to more effective strategies and cost-efficient methods. The software will offer tools that will help the company keep track of data, spot trends and make an informed decision.
Free software applications can offer a limited set of features, but are generally inferior to the leading board portals. These solutions will often require additional add-ons to achieve a more comprehensive functionality. These add-ons tend to be more expensive than the savings you would have made with a fully-featured solution.
In addition, free alternatives tend to be less secure than paid options. Some free solutions don’t utilize encryption as strong as the one used by banks, or might not permit you to restrict who can access the file. Given the recent media attention to data breaches and hacking, it’s vital that any system used by the board be highly secure. Free software is rarely provided with training or customer service. New and inexperienced board members might not know how to correctly use the software which could result in weaknesses that hackers can exploit. The best method to reduce the risk is to use boards management software that comes with extensive features and secure security.