A rapidly changing business climate and higher expectations from shareholders provide the present and future members of the board an opportunity to shape the board’s future. By adopting a forward-looking approach to governance and prioritizing lifelong learning, boards will make sure they are prepared for the opportunities and challenges that are in store.
A sustainable boardroom requires a strong narrative, as well as relevant data. This is a clear representation of the impact of the business on society as well as its environmental footprint, and a commitment to sustainable principles. Likewise, the boardroom must be equipped to manage complex and interdependent business cycles. To satisfy these demands boards must employ technology that is easily controlled and secured with the possibility of risks carefully assessed.
For instance, using a secure software for managing boards like BoardPro can facilitate effective communication and collaboration among all stakeholders. Boards also have the ability to access real-time analysis and “living” information so that they can assess the impact of their decisions on the company at any time. Crowdsourcing technology can also help businesses gain valuable insights from customers, employees and community members.
In the future boardsrooms will become more inclusive and diverse. It will need to be aware of the importance of diversity, not only in terms of ethnicity and gender, but in terms of mindset and background as well. The boardrooms of the future will also place a high value on education to better handle cybersecurity as well as other emerging issues, such as climate change.