Paperless Board Meetings are meetings of a company’s boards that occur in an electronic platform instead of traditional paper documents. The platform, which is referred to as a”board portal” lets directors review and add notes to meeting materials prior to the meeting and during the discussion in real time. This allows board members to stay involved during meetings, and also provides the opportunity for better collaboration between board members.
The most significant benefit of going paperless is the fact that it saves significant amounts of https://databoardroom.com/why-virtual-board-rooms-are-set-to-replace-traditional-meetings/ time and money. The amount of resources needed to produce paper is substantial, and the cost of printing and distribution adds up quickly. Additionally, the transition to a paperless system helps reduce the environmental impact, which is increasingly important as a priority for many boards.
Another way that going paperless can reduce costs is by cutting down on the time spent collecting and preparing the information for boards. This means lower labor costs which are beneficial to the bottom line. Utilizing a board-management software that includes search functionality can reduce the time administrative staff spends searching through meeting files to locate essential data.
Additionally, going paperless could aid boards in meeting security requirements. The best online board platforms have strong encryption, which lets directors know who has access to the platform and ways to monitor the activities of users. These features help prevent sensitive information from being accessed by incorrect people and help boards adhere to regulatory bodies like GDPR and SOX.