A rapidly changing business environment and increasing expectations from shareholders provide current and future members of the board the chance to shape the board’s future. By adopting a forward-looking approach to governance and prioritizing lifelong learning, boards will ensure that they are ready for the unexpected opportunities and challenges that are ahead.
A sustainable boardroom requires a strong narrative, as well as precise data. This is a clear representation of the impact of the company’s social footprint as well as its environmental footprint and commitment to sustainable principles. The boardroom must be able to handle complex and interdependent business cycles. To satisfy these demands, boards will need to make use of technology that can be easily controlled and secured with the risk of potential dangers carefully thought out.
For example using a secure and safe board management system such as BoardPro will allow for efficient communication and collaboration amongst all stakeholders. It allows boards to have access to “living” data and real-time analytics so they can assess at any time the impact of their decision on the business. Additionally, using technology that allows for crowdsourcing, it can aid businesses in gaining valuable information from customers, employees, and community members who may have information that might otherwise be difficult to access.
The future boardroom will be more diverse and inclusive. It must be aware that diversity is not just about ethnicity and gender, but also about mindset and background. The future boardrooms are also going to prioritize education, so that they can better handle cybersecurity as well as other emerging issues, such as climate change.