Paperless Board Meetings refer to 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 meeting materials prior to the meeting, and during the discussion in real time. This allows board members to remain engaged during meetings and provides the opportunity to improve collaboration between board members.
The biggest advantage of going paperless is that you save much time and money. The amount of resources required to make paper is significant and the price of printing and distribution adds up quickly. Additionally, the transition to a paperless approach helps reduce the environmental impact of paper, which is increasingly important as a priority for many boards.
Another way that going paperless can help cut costs is by reducing the time it takes to collect and preparing the information for boards. This translates into reduced cost of labor, which is beneficial to the bottom line. Furthermore, using a board management software system with search capabilities eliminates the need for administrative personnel to spend hours searching through meeting documents for crucial information.
In the end, going paperless will help boards comply with security requirements. The best online boards have solid encryption and also a feature to let directors know who is able access the platform. They also check user activity. These features help prevent sensitive information from being accessed by incorrect people and help boards to Beat the Usual Snags: Ways to Keep Virtual Board Meetings Running comply with regulatory organizations like GDPR and SOX.