5 good reasons to go paperless in your board room
As board work is becoming increasingly professionalised, so the board portal is finding its natural place in the board room. Around 75 percent of stock-exchange-listed companies in the Nordics have a board portal and increasingly more SMEs are also discovering the benefits of going digital at board level.
Are you still on the fence? Here are five good reasons to switch your board papers to a board portal:
Board papers are among the company’s most sensitive documents, and losing them can have serious consequences. The traditional distribution and storage of board documents is neither secure nor efficient. But a board portal boosts security to a level that is appropriate for the board’s work.
A board portal includes these security mechanisms:
- Deletion of the app and content after five failed login attempts or if the device is lost
Access control, traceability and activity logging
- Encrypted data transfer
- Support for login Electronic ID and two factor SMS
Traditional distribution of board documents by e-mail or letter post can be time-consuming. Switching to a board portal offers substantial time savings.
Some Admincontrol customers have reduced the time they spend on distributing board documents from eight hours to 30 minutes by switching to a board portal.
In many ways, a board portal is an all-in-one solution, catering for both pre-meeting and post-meeting activities, as well as the meeting itself.
Other features that make the board portal an effective board-work resource include:
- Annotations: Mark up, draw and take notes as easily as on paper. Share your notes, quickly and securely
- Archive: All documents in one location, digitised and searchable
- Offline mode: Carry on working even without internet access, which is handy when on the move
- Signing: Electronic signing of board minutes
- Voting: Quick to set up and take individual votes
Just picture the stack of papers resulting from a board meeting, multiplied by the number of board members, and then by the number of meetings in a year. There’s no doubt that switching to a paperless board is an eco-friendly initiative.
When you add in the option of using the portal for other committees and working groups, for communication with external auditors, and internally within executive management and other divisions that require a secure portal for distribution and interaction, such as HR and accounting, the environmental benefits are considerable.
Board members want to go paperless
Every year, Admincontrol conducts a major customer survey amongst their more than 40.000 users, where most of them are board members. In one of the questions, the respondents are asked to highlight the biggest advantages of using a board portal. Year after year, the highest score goes to the ability to work paper-free, followed by ready access to documents regardless of time and place.