https://databoardroom.com/why-virtual-board-rooms-are-set-to-replace-traditional-meetings/
Paperless Board Meetings refer to board meetings that are held on an electronic platform rather than traditional paper documents. The digital platform, known as a board portal lets directors review and add notes to meeting materials prior to the meeting and during the meeting in real-time. This allows board members to stay engaged during meetings and gives the opportunity for better collaboration between board members.
The primary benefit of going paperless is that it will save much time and money. The amount of materials required to make paper is huge and the price of printing and distribution goes up quickly. Switching to a paperless approach also helps to reduce the environmental impact. This is now an issue of concern for many boards.
Another method to aid in reducing costs is through decreasing the amount of time spent collecting and preparing board information. This means lower labor costs that are advantageous to the bottom line. Furthermore, the use of a board management software that includes search functions reduces the need for administrative staff to search for hours through meeting files to find important data.
In the end, going paperless will help boards meet security requirements. The best online boards are equipped with robust encryption and also a feature to inform directors of who can access the platform. They also keep track of user activities. These features protect sensitive information from being accessed by the unauthorised and help boards comply with the requirements of regulatory organizations like GDPR and SOX.