The field of performance management has evolved leaps & bounds from its earlier forms. Earlier, annual performance reviews were the norm. But nowadays agile performance management is taking over. Managers have realised that annual feedback is no more viable in a development centric workplace. Thus, a few novel concepts such as Continuous feedback, 360 Degree Feedback have emerged which encourage conducting conversations at frequent intervals to increase the efficiency of the entire process.
However these concepts are not entirely compatible with paper based processes. If you want to scale these & maintain efficiency, there is no other option than to rely on digital systems of records.