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, organization and daily functioning 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 digitized. 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 accelerate 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 dematerialization process as part of an overall sustainable strategy. Going paperless is an integral part of overall Corporate Social Responsibility. The rise of the Corporate Social Responsibility business model has been influential in encouraging companies to reflect in a pragmatic way, the effects that their decisions have on our society. It also highlights how the company sees its future development and prospects.
The advantages of embracing a paperless boardroom
According to DiliTrust, figures showcase the advantages that companies who adopt a digital board portal can experience. Around 25% of international companies who digitized their board of directors saved nearly €10,000 in savings. This figure can be accounted for from the costs associated 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 of printing, printer maintenance, and the preparation of each board pack (including the preparation of updated board papers).
It is clear that going paperless can hold many benefits, enhancing productivity while contributing to a more positive organizational impact on the environment. It also contributes to a positive company image in an age where sustainability is an important factor. Digital tools, like the DiliTrust Governance suite’s Board Portal module, make it easier to store and manage an archive of key documents. However, while data illustrates that 8 out of 10 companies consider the conservation and archiving of their documents as an issue, 60% of these enterprises have not yet begun a paperless project.
Why the paperless approach is pain-free
Going paperless requires a certain approach. Before initiating a paperless strategy, organizations need to be crystal clear about the process that they will undertake and what data can be digitized easily. There is a clear need to also identify documents that must be kept in paper format and those that can be digitized. They must also be identified by field, use, and access requirements necessary.
This can help safeguard the security of highly confidential documents as well as monitor and trace the updates of those documents. 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. For U.S. businesses, the annual cost of filing, storing, and recovering paper was estimated by Gartner to be between $25-35 billion.
However, the secure storage of highly confidential data and documents requires a competent 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 storing and processing facilities are not subject to U.S. data legislation, particularly the American CLOUD Act.
The DiliTrust Board Portal module: the solution to future-proof your board of directors
With DiliTrust’s Board Portal module, paperless meetings are readily available for boards of directors and Executive Committees. Our solution allows boards to streamline their work processes and increase their collaboration via a solution that holds the highest international information security standard available, the ISO 27001 certification. Our board is accessible via your laptop, computer, or tablet. Each exchange between each user is intuitive and secure.
The Board Portal module can also contribute to strengthening the effectiveness of the company’s governance and CSR strategy. A digital board portal encourages smooth communication between board and committee members who can instantly receive urgent notifications on critical documents. The cost reduction in courier fees, printing and postage is a huge incentive to go digital while also supporting a greener form of governance.
If you would like to learn more about our Board Portal module, contact us today and ask for a free demo.
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