A new Report looking at the impact of emerging digital technologies – the most significant disruptors or divers of business in recent years – highlights the gap between what is needed, and what today’s Boards of Directors are focused on.
“…It seems unlikely that the impacts of emerging technologies and strategies to future-proof the organization, are being given their due attention at the board level…
“…Today, most boards do not consider digital technologies in their strategic conversations and others focus their technology attention on cybersecurity, delegated to the Risk or Audit Committee. This will be insufficient going forward. For boards to fulfill their primary roles of stewardship and guiding strategy, directors need to be interested in how evolving technologies will likely impact their organization and their competitive landscape. Boards should be embarking on their own digital transformation which we recommend would involve board-level education, having the nomination committee prioritize digital directors, and establishing a customized series of digital impact reports with read-outs being a standing agenda item.”
The Report also notes that digitally-savvy Boards out-perform non-savvy Boards on four key metrics: Revenue Growth; ROA; Market Cap Growth; and Profit Margin.
To read the full Report – including key recommendations and considerations, click here.
The Report was developed by Mary Whittle, MBA, ICD.D, IT Consultant.