Many businesses look into paperless office solutions to reduce waste and streamline operations among different departments. Even though it is becoming increasingly popular, other nations like China are slowly making progress in this direction.
Hong Kong, a major city in the country, had plans to store physical share certificates within an electronic document management software in 1988, but not much has changed since then, according to the South China Morning Post.
Financial institutions HSBC and the Hong Kong Exchanges and Clearing will stop printing documents from boardroom meetings, saving them about 12,000 pages of wasted paper a year. Individuals are able to access, share and download documents as soon as they are available on their secure cloud-based server. These services allow executives to have the flexibility to work with one another outside of China
"The digital boardroom is a better way to securely distribute confidential information to prevent the loss or theft of information during the physical delivery of paper documents among directors," Phillip Baldwin of ICSA Boardroom Apps told the source.
This system will save HSBC's 14-member board time and money. Instead of making six trips to Hong Kong each year to meet with one another, they are able to stay in touch through the business process software. Perhaps, other enterprises in China will follow suit to provide these options for their own clients.
"I believe the city will catch up soon and many companies will shift to a digital boardroom in the next five years," Baldwin said.
Traveling to China is a long and costly expense. Staffers are spending 12 to 24 hours flying across the world to give updates on operations that could easily be explained in a digital boardroom meeting.
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