As companies emerge from the pandemic among the many lessons learned is the importance of a digital strategy. Lockdowns forced companies to accelerate digital transformation at an unprecedented rate posing a host of questions about strategy, governance and the skills required in the boardroom.
Research reveals that there may be significant correlation between the presence of digital experts on boards and company performance. Indeed, the findings show performance could be as much as 5% better with deep digital knowledge at the boardroom table.
Elsewhere cybersecurity has emerged as a key issue, with the number of incursions growing during the pandemic. So serious has the problem become that the World Economic Forum has said the issue is a high priority.
Recent experience indicates companies must be prepared to shift gears to up their digital game looking for transformation and innovation opportunities, while remaining acutely aware of the risks.
Board Agenda, together with board management software provider Diligent, brought together a panel of experts for a webinar on 13 May exploring the opportunities presented by digital technologies, the boardroom skills required, the governance issues raised by digital transformation, and how to encourage innovation across organisations.
Adapting Your Board to the Digital Age: Leadership in an Era of Rapid Technological Transformation featured a panel of expert commentators and practitioners. Gillian Wilmot, chair of Zoo Digital brings her experience of working on boards as a digital expert; Gianvito Lanzolla, professor of strategy at Bases Business School (formerly Cass) shares his insight as a researcher and adviser; David Lancefield, a guest lecturer at London Business School and a former senior partner in strategy at PwC offers his experience as a consultant to high-profile companies.
Reliance on digital is only set to increase as technology advances. Boards must not only see the opportunities but also recognise the risks involved.
The Diligent/Board Agenda webinar 13 May at 1pm BST. You can access a recording of this webinar here .