A rapidly changing business environment and increasing expectations from shareholders offer the current and future members on the board the opportunity to shape the board’s future. Boards can be prepared for unexpected challenges and opportunities by adopting a forward-thinking governance approach and prioritizing continuous learning.
A sustainable boardroom requires a compelling narrative and a clear understanding of the data. This includes a clear understanding of the environmental footprint of the business, its social impact and the commitment to sustainability. The boardroom must also be equipped with the tools needed to manage the complex and interdependent business cycle. To be able to meet these requirements boards must use technology that can be easily controlled and secured with the possibility of risks carefully assessed.
For instance, using a safe board management software like BoardPro will allow for efficient communication and collaboration between all stakeholders. Boards have access to “living” data and real-time analytics to ensure they are able to see at any time the impact of their decisions on the business. Crowdsourcing technology is also able to help companies gain valuable insights from customers, employees and community members.
In the future, boardrooms will be more inclusive and diverse. It will be required to appreciate the importance of diversity not only in terms of gender and ethnicity, but in terms of mindset and background as well. The future boardrooms will also place a high value on education in order to better handle cybersecurity as well as other emerging issues, such as climate change.