Board Portal

How to vet your Board Portal Software Vendor?

Corporates are increasingly becoming dependent on various software solutions in order to remain competitive and efficient in today’s highly automated world. Board portal software is one such software which has become an integral part of many corporates around the world. This software is very essential to ensure that the company is able to perform board governance and compliance in an efficient manner. In fact, without it, the company is likely to fall into serious troubles by way of missing out to fulfill compliance requirements or failing to carry out all board governance procedure as per the guidelines laid down by the regulatory authorities.

Therefore you must ensure that you get only the best software and you must be diligent while hiring the vendor who will supply the board portal software. Here are some of the important elements to consider while choosing the vendor:

Reputation: Check the reviews and comments that the existing customers have put on their vendor’s social media pages and on other digital pages. You can also ask them to provide references of other clients who are using the vendor’s software. Make your own inquiries to be reassured of a good product and good service.

Stability: Check the track record of the vendor in terms of the number of years that it has been servicing different clients. This will highlight its financial stability and the capacity to hold on to the business in the future. A vendor who has been operating for a long time is definitely the best bet to go with. Buying a software product from a vendor who has been around for a short period or who is unstable and could soon wind-up operations, will definitely a disastrous situation for the company. An important way to gauge the stability of the vendor can be from analyzing its product spread. Is the vendor a single-product or multi-product driven company? If the vendor has more than one software product, then the chances of the vendor being able to survive in the long term through risk spreading, is higher.

Security protocol: In the present times, when cyber threats are one of the most dangerous elements threatening the existence of the company, then this part forms a very important item on the vendor checklist. Evaluate the security standards that the vendor follows in terms of the confidential information of the company. What is the system of data storage? Is the software going to be stored on the vendor’s server or the company’s server?

Flexibility: is the vendor able to provide flexible software solution or are you expected to compromise on your requirement in order to install the vendor software.  A good vendor will have a product that is flexible and easy to customize as per the company’s specifications. A good software will also be able to upgrade and install updates without any problem.

Geographic Reach: Evaluate the vendor’s capability to attend to emergency situations. How good is the customer support mechanism? What is the response time? What guarantee is the vendor providing in terms of its commitment to solving technical glitches that may arise in future? Will the vendor be present personally or will the problem get addressed through remote troubleshoot system?

The above checklists should be able to help you find the most suitable board portal software vendor for your company.

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