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, lets directors review and make notes on documents prior to the meeting and during the discussion in real-time. This makes it easier for board members to remain engaged during meetings and gives an opportunity for greater collaboration between board members.
The main benefit of using paperless is that you will save much time and money. The cost of printing and distributing papers and the resources required to produce it are significant. Additionally, switching to a paper-free approach can help reduce environmental impact, which is becoming a priority for many boards.
Another method to aid in reducing costs is through decreasing the amount of time spent collecting and preparing board data. This can result in lower labor costs that are advantageous to the bottom line. The use of a board management software that includes search functionality will reduce the amount of time administrative staff spends searching through meeting files to locate important information.
Finaly, going paperless helps boards comply with security requirements. The top online boards platforms offer strong encryption, an option that informs directors who has access to the platform and methods to keep track of user activity. These features protect sensitive information from being accessed by the incorrect people and help boards comply with regulatory organizations like GDPR and SOX.
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