Itintelligentbod

The organizations are at a tipping point to develop IT savvy corporate boards with a great impact on the business ecosystem.

In the digital world with enormous transformations, more often, information is the most invaluable asset of the organization; technology is the disruptive force behind business transformation. IT-savvy corporate boards oversee information management agenda, gain an in-depth understanding of information technology as an integrator for building differentiated business capabilities to implement strategies, bring holistic perspectives on IT enabled governance and risk intelligence, and improve long-term sustainability of the organization.

 

A technology-savvy corporate board oversees IT enabled strategy development: The emerging digital technology changes the way to run business by providing multiple purchasing channels for fitting customers’ needs or engaging employees with more flexibility. Technology is rapidly becoming an integral part of many companies’ strategic plans. Forward-looking organizations weave information technology as an integral part of strategic plans, many corporate directors, and senior executives would like corporate boards to have a more constructive role in IT-enabled strategy development.

Corporate boards can no longer avoid, delegate or ignore the need for technical competency among their ranks. Understanding the importance of IT to the company’s business model is important for effective oversight of technology initiatives. A tech-savvy corporate board oversees strategy; focus on many technology issues. They should be informed on what benefit is being delivered by IT and aware of constraints and risks. make wise IT related investment decisions and steer the organization in the right directions.

Information friendly corporate boards monitor performance and unleash business potential: The matter of fact is that the changes are sweeping the world with huge impact and there is nowhere to hide. Often they have yet to produce a wave of response at a corporate board level. All forward-looking organizations claim they are in the information management business. The corporate board's role, in large part, is to make information-based good decisions that drive proactive changes, enhance the value creation for the organizations.

Information friendly BoDs and senior management honestly assess their company's performance and potential by understanding the power of information and the trends of technology. The IT friendly corporate board encourages the senior management team to understand the critical role of the IT in achieving business performance and maximizing the business potential. The boardroom IT discussions have broader perspectives such as IT enabled productivity improvement, business growth, innovation, talent strategy, and GRC.

Insightful corporate boards review IT driven innovation agenda of the business: Nowadays, innovation happens at the intersection of market insight and technological know-how. Innovation is increasingly technology-dependent and information enriched. The corporate board oversight of innovation agenda will directly impact business growth and organizational competency in the long run.

A high-performing corporate board has a solid capability to govern the changing tide of technology, as well as its impact on business. Thus, at the corporate board level, technology is evaluated in concert with customers, channels, products, and markets, serving as a catalyst to drive strategic innovation.

IT permeates into every corner of the organization, it provides invaluable foresight to enable business growth. The organizations are at a tipping point to develop IT savvy corporate boards with a great impact on the business ecosystem woven by information technologies, enhance integral GRC practices, accelerate business performance and unleash the organizational potential for the long term.

Posted in: Board Room,GRC,Information/Data Management