Paperless Board Meetings refer to board meetings that are held on an electronic platform rather than traditional paper documents. The digital platform (also known as”board portal “board portal”) allows directors to read materials prior to the meeting and then to make notes during the discussion. This enables board members to remain engaged during meetings and also allows for better collaboration between board members.
The main benefit of going paperless is the fact that it saves much time and money. The cost of printing and distributing paper as well as the resources required to produce it are significant. The move to a paperless approach also helps reduce the environmental impact. This is now a priority issue for many boards.
Another way that going paperless can reduce costs is by reducing the man-hours spent collecting and preparing board information. This means less labor costs, which is advantageous to the bottom line. Furthermore, using a board management software system that can search reduces the requirement for administrators to search for hours through meeting documents for crucial 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 can access the platform. They also monitor user activity. These features help boards comply with regulatory bodies such as GDPR and SOX and also prevent sensitive information from being accessed by unauthorized people.