Paperless Board Meetings are meetings of a company’s Board that take place on an electronic platform instead of traditional paper documents. The digital platform (also known as”board portal “board portal”) allows directors to read documents prior to a meeting and to annotate them during the discussion. This lets board members remain active during meetings, and also offers the opportunity for better collaboration among board members.
The main benefit of going paperless is the fact that it saves a great deal of time and money. The cost of printing and distributing paper as well as the resources needed to create it are significant. In addition, the switch to a paperless system helps reduce environmental impact, which is becoming an important consideration for many boards.
Another way that going paperless can aid in reducing costs is through reducing the man-hours spent collecting and preparing information for boards. This leads to lower labor costs which are beneficial to the bottom-line. Furthermore, the use of the board management software that has search functionality reduces the need for administrative staff to spend hours searching through meeting files looking for vital data.
Finaly, going paperless helps boards meet security requirements. The most secure online boards come with robust encryption and feature to let directors know who is able access the platform. They also keep track of user activities. These features stop sensitive information from being accessed by the unauthorised and help boards comply with the requirements of regulatory bodies like GDPR and SOX.