A rapidly changing business environment and increasing expectations from shareholders provide the current and future members of the board an opportunity to shape it for the future. Boards can prepare for the unexpected challenges and opportunities by adopting a forward-thinking approach to governance and focusing on ongoing learning.
A sustainable boardroom needs a strong narrative, as well as relevant data. This is a clear representation of the company’s social impact and environmental footprint as well as a commitment to sustainable principles. Likewise, the boardroom must be able to handle complex and interdependent business cycles. To be able to keep up with these demands, boards will need to make use of technology that can be easily controlled and secured with the potential risks carefully considered.
BoardPro for instance, lets all stakeholders communicate and collaborate effectively. Boards are able to have access to “living” data and real-time analytics, so they can know at any moment the impact of their decisions on the business. Additionally, using technology that permits the use of crowdsourcing could aid businesses in gaining valuable information from customers, employees and other members of the community who could have insights that would otherwise be difficult to access.
In the future the boardrooms of the future will be more inclusive and diverse. It will have to understand that diversity isn’t just about race or gender but also about background and mindset. The future boardrooms are also going to guide for virtual board meetings prioritize education, so that they can better manage cybersecurity and other issues that are emerging, like climate change.