The relationship between digital instruments and the Board of Directors should be built on the basis of periodic monitoring of the roadmap, the implementation of digital transformation, and the testing of the services of the company itself.
How the Board of Directors Can Effectively Use IT Potential?
As countries around the world take unprecedented measures to contain the coronavirus, you may have moved to work from home. Now communication with colleagues, holding a meeting, or organizing a larger event such as a seminar or conference – all happen online. A meeting agenda is a staple of any type of meeting and is especially useful for online events.
The application of digital instruments for board governance has no industry boundaries, opening up an ocean of best practices from other industries. Numerous examples from the practice of modern companies show that modern information technologies make it possible to increase the speed of decision-making by order of magnitude and obtain a cumulative effect – an order of magnitude more sales cycles at the same time. This means the opportunity to learn quickly and raise the bar even higher for your own efficiency and quality of service for customers.
Information and communication technologies create not only opportunities but also generate risks. With the scale of such risks, and their price for the business is constantly increasing. Accordingly, this dictates the transfer of the discussion of these opportunities from the level of operational management to the level of the Board of Directors. Management must accumulate, comprehend this kind of information and prepare solutions that it considers appropriate to implement. The board of directors needs to help management in the effective implementation of IT opportunities and minimization of risks.
How to Discover the Best Digital Instruments for the Board Governance?
The level of development of modern technologies in the field of electronic document management allows you to successfully automate all processes related to holding meetings of shareholders. For many large companies, the use of specialized solutions to support the Board of Directors is becoming the standard. If necessary, the board of directors of the company may elect one or more deputy chairmen of the board of directors of the company in the manner prescribed for the chairman of the board of directors of the company.
The digital instruments for the board governance are becoming one of the key tasks for the development of the country. To solve it:
- It is necessary to create and implement digital transformation strategies at different levels.
- The leaders of digital transformation to whom the report is addressed will have to understand how to write a digital strategy that can actually be executed, what it can consist of, why it is needed, and what results from it can achieve.
- Ensuring the continuity and recovery of activities during turbulence and digitalization.
Digital transformation in board governance is not only about the use of technology. This is, first of all, the transformation of people and thinking. Such a transformation is capable of being carried out by leaders, and talented managers who know how to manage change. Among the constraining factors are digital competencies and the level of professional training of teachers. Sometimes it happens that students are better than teachers with gadgets. In such a situation, an important factor is the encouragement of teachers who actively use digital technologies in the educational process.