Paperless Board Meetings are meetings of the company’s board which occur in an electronic platform instead of traditional paper documents. The digital platform, referred to as a board portal allows directors to review and annotate documents prior to the meeting and during the meeting in real-time. This makes it easy for board members to stay active during meetings https://databoardroom.com/why-virtual-board-rooms-are-set-to-replace-traditional-meetings/ and gives the opportunity for better collaboration between board members.
The most significant advantage of going paperless is that it saves a lot of time and money. The amount of materials required for the production of paper is enormous and the expense of printing and distribution can add up quickly. In addition, the shift to a paper-free approach can help reduce environmental impact, which is becoming the top priority for many boards.
In reducing the time needed to gather and organize board information is another way to go paperless reduces costs. This means less labor costs, which is beneficial to the bottom-line. The use of a board management software that includes search functionality can cut down on the time that administrative staff is searching through meeting files to locate crucial information.
Finally, going paperless can help boards meet security requirements. The best online board platforms have strong encryption, and a feature that lets directors know who has access to the platform and ways to monitor user activity. These features allow boards to be in compliance with regulatory bodies like GDPR and SOX and prevent sensitive information being accessed by unauthorized people.
