Is Your Board Technology-Engaged?
With technology clearly a material driver of change, boards of larger companies are trending toward a more strategic focus on technology. Should your board be a part of that trend?
Why it matters: The board community has been acknowledging the speed of disruptive innovation, largely driven by emerging technologies.
Yes, but: There are also considerations pertaining to speed-to-market, technical debt, privacy, unintended consequences and regulation.
This is the reality that companies and their boards have faced for several years. Boards, given their organisations’ needs and their fiduciary responsibilities, must focus on how to organise themselves to engage the CEO and management team in strategic conversations regarding emerging technologies, their implications for the business and what to do with the data they collect.
Six key questions to ask:
- Is the board devoting enough time to reviewing the company’s technology strategy, investments and operations?
- Is there sufficient technology expertise on the board?
- Is the board tapping outside resources with technology expertise?
- Is the board satisfied that technology planning is aligned with strategic discussions of capital allocation to ensure relevancy?
- Should technology be positioned as an agenda item for the full board?
- Alternatively, should the board delegate its technology oversight to one or more standing committees?