With the majority of businesses going digital today, virtual data room or board room software has become an essential tool. It allows creating a private network with limited access only for authorized users that can be used as a data repository or space for online meetings. The efficiency of the board directly depends on the choice of the board portal software, which requires considering several points:
- Define the necessary features. The basic set of features includes tools for transitioning to paperless as well as planning online meetings, while more advanced versions of board room software unlock data storage, e-Signatures, streaming and recording of the meetings as well as success management tools. It is essential to define the needs of your company to avoid any excessive costs for more expensive plans. Starting with the most basic board portal software will help to get your feet wet with the new experience.
- Set up a budget. Decide on the amount of money your company is ready to pay monthly for taking an advantage of going digital. The prices for decent board room software can vary from 80 USD to 250 USD and more, depending on the plan and set of features you need. Having a precise budget for it allows narrowing the selection of options and figuring out what works the best.
- Compare data room vendors. Explore the website of the board portal software vendors to assess their product, design/functionality of the interface, value for the price (set of features they offer), the availability of trial period, and the target type of business they are perfect for. Another crucial aspect to consider is the number of users board room software allows adding as well as its capacity for data storage.
- Read reviews. The real experience of other companies with particular software is a valuable evaluation tool. Unbiased expert reviews with objective assessment of the features can also serve as a valuable source of information.
- Ask for a demo, if necessary. Most board room software vendors offer a trial period of 14 or 30 days. If there is no information about the demo version on the official website, you can always reach out to the customer support team and ask if the vendor’s policy allows providing demos for the potential clients. Nothing gives you a clearer idea about the software than some real-life experience.
The process of choosing a viable board portal software does not require any special knowledge and considering all the points mentioned in the article for sure helps to succeed in it.