In the midst of ever-changing uncertainty, boards that are resilient are adapting and evolving to a changing business landscape. They are redefining their roles which include sustainability and purpose which go beyond the role of shareholders. They also take on diverse perspectives and a variety of voices to define the future of success.
The technology that powers the boardroom continues to revolutionize the way boards function. Secure platforms facilitate real-time communication and collaboration between directors located across different locations and data analytics can provide more insight to make better decisions. Artificial intelligence can help in tasks such as agenda preparation and risk assessment which allows board members to focus their attention on strategy.
A trend in the boardroom is to incorporate natural light into meeting rooms to help facilitate more productive and healthy conversations. A https://www.boardroomchallenge.com/ recent Harvard Business Review survey ranked natural light as the top office perk. It was a step ahead of more predictable alternatives such as cafeterias, fitness centers or even onsite cafeterias.
Cybersecurity is now a major concern for companies. It is crucial that directors of boards remain current on the threats and weaknesses of their business to ensure that they manage cybersecurity effectively. This may involve establishing dedicated committees, appointing an executive director as the lead, or investing in specialized training for board members.
As the pace of change speeds up taking on a continuous education is a must for board directors. This will help them remain open to new challenges and evaluate previously unconsidered options, allowing them to guide management to innovative strategies that distinguish the company in its field.