Paperless Board Meetings are board meetings that are held on an electronic platform, instead of traditional paper documents. The digital platform, referred to as a”board portal” allows directors to look over and add notes to documents prior to the meeting and during the meeting in real-time. This lets board members remain active during meetings, and also provides an opportunity to enhance collaboration among board members.
The most significant benefit of using paperless is that you can save significant time and money. The cost of printing and dispersing paper and the resources required to make it is significant. Switching to a paperless system helps reduce the environmental impact. This is an important issue for a lot of boards.
The reduction in the amount of time needed to gather and prepare information for boards is another way going paperless can help reduce costs. This results in less labor costs, which is beneficial to the bottom line. Furthermore, the use of a board management software that can search reduces the need for administrative personnel to search for hours through meeting files to find important data.
The final benefit of going paperless is that it can aid boards in meeting security requirements. The best online board platforms have strong encryption, and a feature that informs directors of who has access to the platform and also ways to keep track of the activities of users. These features help boards comply with the regulations of bodies like GDPR and SOX and also prevent sensitive information from being accessed by unauthorised people.