How to Budget for Board Governance Technology

Embracing new technology can be challenging, often requiring adjusting to unfamiliar systems and spending valuable time learning it. Budgeting for these innovations can also feel overwhelming, especially when you have already factored in other operational costs. 

With OnBoard, you will be equipped with a top-tier customer success team that will walk you through every challenge imaginable. Our platform provides long-term benefits and potential for efficiency improvements, meaning your investment will be worthwhile. Consider these 5 steps to budget for board governance technology.

1. Assess Needs and Goals

Start by evaluating the current challenges within your organization. Has the work-from-home climate hindered individuals from showing up to meetings? Are you spending more time manually analyzing documents and gathering data? 

Once these pain points have been identified, ask yourself if this is something OnBoard and its powerful artificial intelligence integration can improve. Be sure to involve key stakeholders to ensure the technology aligns with short-term and long-term objectives.

2. Research and Compare Options

When researching new technology, it’s important to identify reputable vendors and review their product features, user reviews, and case studies to gauge their credibility. Compare different options based on cost, scalability, integration capabilities, and customer support, and review with stakeholders to determine which best suits your organization. 

OnBoard understands that investing in new software is a huge decision, which is why we’ve created a vendor comparison worksheet to help you with the process.

3. Estimate Costs

Estimating costs is crucial for budgeting for board governance technology. It ensures the organization allocates sufficient funds to meet its needs without overspending. 

It’s important to not only factor in the cost of the software but also potential hidden costs, such as implementation fees or ongoing maintenance. This allows for informed decision-making, enabling the organization to select the right technology solutions when comparing cost to functional benefits. 

It is important to note, if you are a nonprofit board, you may qualify for technology grants.

4. Build and Budget

Carefully evaluate the product, participate in demos, and explore each feature and how it can be tailored to your organization’s specific needs. Productive boards thrive off features like digital boardrooms, document management, meeting transcription capabilities, and other similar engagement tools. 

By conscientiously reviewing the features and building the budget, organizations can avoid unexpected financial crashes and be confident in the effective use of board governance technology over time.

5. Present and Seek Approval

To present and seek approval for board governance technology implementation, start by clearly outlining its capabilities and move into the benefits of utilizing such powerful tools. This includes improved efficiency in organizational operations and board meetings, transparency, and decision-making capabilities. 

Provide a detailed cost estimate, highlighting upfront and ongoing expenses, and demonstrate how this is an investment in the organization’s future. Address any potential risks or concerns and have a plan of action for stakeholders while emphasizing the long-term value of incorporating such advanced technology into everyday operations.