Going Paperless: a Global Strategy with a Big Impact

In recent years, the pace of digital acceleration has meant that digital technologies are an inescapable daily reality. As well as simplifying many aspects of our personal lives, progressive technologies have also changed how we work. At work, a ripple effect of technology’s impact can be seen in the structure, organisation and daily funactioning of the company as well as the development of its relationships with employees, partners and of course, customers. Practices at work are evolving. Today data is being digitised. Thanks to the steady momentum of socio-economic and environmental discourse in 2019, business trends like zero paper are gathering speed.

For the average business, going paperless has many advantages. It can increase the company’s profitability and  return on investment. It can also increase productivity, efficiency and acclerate the fluidity of internal and external communication within the company. It also spells change for companies who decided to scrap paper. Particularly this can mean that companies begin a dematerialisation process as part as an overall sustainable strategy. Going paperless is an integral part of an overall Corporate Social Responsibility. The rise of the Corporate Social Responsbility business model has been influential in encouraging companies to relect in a pragmatic way, the effects that their decisions have on our society. It also highlights how the company sees their future development and prospects.

 THE ADVANTAGES OF EMBRACING A PAPERLESS BOARDROOM

According to DiliTrust, figures showcase the advantages which companies who adopt a digital board portal, can experience. 25% of international companies who digitsed their board of directors saved nearly €10,000 in savings. This figure can be accounted for from the costs assosciated with the purchase of paper, its storage, the printing of 72,000 pages* and 20 monthly courier shipments. This does not include the human cost; printing, printer maintenance and the preparation of each board pack (including the preparation of updated board papers).

From the above, it is clear that going paperless can hold many benefits, enhancing productivity while contributing to a more positive organisational impact on the environment. It also contributes to a positive company image in the age where sustainability dominates the conversation. Digital tools, like DiliTrust Exec, make it easier to store and manage an archive of key documents. However, while data illustrates that while 8 out of 10 companies consider the conservation and archiving of their documents as an issue, 60% of these enterprises have not yet began a paperless project.

WHY THE PAPERLESS APPROACH IS PAIN FREE

Going paperless requires a certain approach. Before initiating a paperless strategy, organisations need to be crystal clear about the process that they will undertake and what data can be digitised easily. There is a clear need to also identify documents that must be kept in paper format and those that can be digitised. They must also be identified by field, use and the access recquirements necessary.

This can help safeguard the security of highly confidential documents as well as monitor and trace the updates of those docuements. Public institutions are following suit with, the French government mandating to achieve  paperless public administrations by 2020. According to estimates, these savings will amount to 700 million euros. For U.S. businesses, the annual cost of filing, storing and recovering paper was estimated by Gartner to be between $25bn and $35bn.

However, what the secure storage of highly confidential data and documents recquires a competant digital solution. This is not only necessary to ensure the integrity of the data collected, stored and exchanged. It is also very important to be selective with your choice of solution provider, and to ensure that their data store and processing facilities are not subject to U.S. data legislation, particularly the American CLOUD Act.

DILITRUST EXEC : A SOLUTION TO FUTURE PROOF YOUR BOARD OF DIRECTORS

With DiliTrust Exec, our digital board portal, paperless meetings are readily possible for boards of directors and Executive Committees. Our solution allows boards to streamline their work processes and increase their collaboration via a solution that it is the highest international information security standard available, the ISO 27001 certification. Our board is available via your laptop, computer or tablet. Each exchange is intuitive and secure between all users.

The solution, DiliTrust Exec, can also contribute to strengthening the effectiveness of the company’s governance and CSR strategy. A digital board portal encourages fluid communication between board and committee members who can recevie instantly urgent notifications to critical documents. The cost reducations in courier fees, printing and postage is a huge incentive to go digital while also supporting a greener form of governance.