Paperless Board Meetings are those of the company’s board which occur in an electronic platform rather than using traditional paper documents. The digital platform, also known as a board portal allows directors to review and comment on documents prior to the meeting and during the discussion in real time. This allows board members to remain engaged throughout meetings, and also allows to enhance collaboration among board members.
The most significant benefit of going paperless is that it will save significant amounts of time and money. The amount of resources required to make paper is huge, and the cost of printing and distribution goes up quickly. Additionally, the transition to a paperless model helps reduce the environmental impact, and 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 can help reduce costs. This means less labor costs, which is beneficial to the bottom-line. The use of a board management software with search capabilities can cut down on the time that administrative staff spends searching through meeting files to locate essential data.
In the end, going paperless will help boards comply with security requirements. The best online boards have robust encryption and also a feature to let directors know who is able access the platform. They also keep track of user activity. These features help boards comply with regulatory bodies such as GDPR and SOX and stop sensitive information from being accessed by unauthorised individuals.
https://databoardroom.com/why-virtual-board-rooms-are-set-to-replace-traditional-meetings/