Technology is transforming the way businesses operate and communicate. Businesses of all shapes and sizes are constantly evaluating how new technologies could speed up and improve ways of working – the meeting room is no exception. Technological developments in the conference room can help improve monitoring and decision-making efficiency and free up time.
As the current debate over rapid developments in artificial intelligence (AI) has shown, it is important to consider the risks alongside the potential benefits of emerging technologies. The work carried out by boards of directors, as well as the nature of the information they receive, means that any decision regarding the adoption of new technologies carries weight. But that doesn’t mean boards should shy away from innovation.
I recently discussed opportunities for board members to embrace technology in the boardroom as a guest on the Chartered Governance Institute UK & Ireland podcast, where I offered perspective to boards who seek to improve their efficiency and decision-making.
The importance of embracing technology in the conference room
Boards need to plan for the next stage of their evolution in the years to come and consider how emerging technologies could enable them to more effectively discharge their responsibilities through more informed and effective decision-making.
Just as board members embraced the iPad and board portal software, today’s board members need to be curious when encountering new and innovative technologies and s Appropriate understanding of trends and new developments as they emerge.
Emerging technologies for conference rooms
An important tool in the members’ arsenal for tackling complex issues is scenario planning and the war game, where companies play out “what if” scenarios to understand the potential impact on the business. In such scenarios, we can imagine the use of “chaos bots” and artificial intelligence technologies to run scenarios in real time, challenge assumptions and actions, and uncover challenges or solutions that had no not been considered.
Innovative technologies could also help in everyday life in the conference room. One concept that wouldn’t require a big leap is robotic corporate memory – virtual or digital assistant technology in the boardroom – providing an interactive source of information to support decision-making by allowing board members to ask questions about historical performance, events or discussions.
Likewise, board members can imagine using real-time analytics, “living” management information taking the concepts of dashboards and infographics one step further as a meeting room tool. useful. Leveraging this technology would allow board members to access and view data as needed, rather than relying solely on what is presented to them.
Finally, crowdsourcing technology could help boards access and understand stakeholder insights when they need it, by gauging responses to particular scenarios or plans and allowing that information to be shared. be analyzed in the meeting room.
Find the right fit and recognize the risks
With all the amazing technologies that will appear in the future, boards need to be alert to identify opportunities for real value and think carefully about how and when to use these tools. While there are benefits to leveraging technologies like those referenced here, there are also potential risks.
Bringing new technologies into the boardroom is an exciting prospect, but board members should be aware of risks such as overreliance on technology in decision-making. Discussions in boardrooms could become limited by relying on technological solutions that are supposed to improve debate, but distract board members and derail productive discussions. In the worst case, board members can imagine issues around abdication of responsibility, relying on technology instead of, rather than as an aid to, one’s own inquisition and diligence. reasonable of board members.
There are also valid concerns about the impact of cybersecurity and information security, where AI or interactive robots could be involved. Boards will need to carefully consider how data is stored, what information would be accessed and what discussions could be eavesdropped.
Therefore, it is important that boards see the best opportunities for technology advancement in their own meeting rooms and consider how technology will support their work and not distract or compromise it.
But while technologies can carry risks that need to be addressed, innovations can also help improve safety and increase efficiency. While not new to the boardroom, board meeting management technology, for example, like Nasdaq Boardvantage, is built with end-to-end security features. Boards can manage meetings, collaborate, and make decisions from a central dashboard, knowing that multiple layers of security are in place. When done right and with potential risks in mind, technology will continue to transform the way businesses are run for the better.
Adapt for the future
Whatever challenges boards will face in the years to come, a duty of curiosity is essential to navigate the ever-changing risk landscape and seize new opportunities. My advice to boards looking to integrate new technologies in the future is to be connected with the right advisors and to think about partners with whom the company has valued, trusting relationships and put them in contact with the board of directors.
Boards can also consider an immediate use case for better use of technology in the conference room. Whether you’re looking to streamline management of board meetings, better facilitate hybrid or virtual boardrooms, efficiently collect compliance data, or transparently gather feedback on board performance, Nasdaq Governance Solutions has you covered. To learn more about Nasdaq’s suite of governance solutions, visit: nasdaq.com/solutions/governance.
