Benefits of Paperless Board Meetings

https://databoardroom.com/why-virtual-board-rooms-are-set-to-replace-traditional-meetings/

Paperless Board Meetings are those of a company’s Board that take place on an electronic platform rather than using traditional paper documents. The digital platform (also called a “board portal”) allows directors to read the materials for meetings prior to the meeting and to note them during the discussion. This makes it easy for board members to stay engaged during meetings and offers the opportunity for better collaboration between board members.

The primary benefit of going paperless is that you save much time and money. The amount of resources needed to make paper is significant and the expense of printing and distribution adds up quickly. The switch to a paperless model also helps to reduce the environmental impact. This is now an issue of concern for many boards.

Another way that going paperless can aid in reducing costs is through reducing the man-hours spent collecting and preparing board information. This can result in a reduction in expenses for labor, which is beneficial to the bottom line. The use of a board management software system with search functionality can reduce the time administrative staff is searching through meeting files in search of important information.

Finally, going paperless can help boards meet security requirements. The best online board platforms are secure, with an option that allows directors to know who has access to the platform and also ways to check user activity. These features allow boards to be in compliance with regulatory bodies such as GDPR and SOX and protect sensitive information from being accessed by the incorrect people.