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Boards Undergoing Digital Transformation

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The pandemic has pushed organizations in every industry to embrace new, digital solutions. But while much has been written about the impact of the shift to remote work on employees, managers, and executives, there’s another critical group that’s been forced to transform itself overnight: board members. To what extent has the rapid digitalization associated with the pandemic extended to board operations? And to what extent will those changes persist as we move towards whatever the next new normal will be?

A survey of almost 800 global board directors identified both common trends in how boards have approached the challenges of the last year and illuminating differences between different countries and regions around the world.

The widespread shift to distributed work and the resulting rapid adoption of new digital solutions over the last year has accelerated the need for boards to think differently about digitalization. At the end of the day, it’s up to the board to make sure that an organization is fulfilling its mission and making a meaningful, lasting impact on the customers and communities it serves. That means investing in digital tools, following cybersecurity best practices, and developing the skills required to support a company in today’s digital-first world. As we start to see a light at the end of the pandemic tunnel, it’s up to board directors to ensure that part of the long-term, lasting legacy of this difficult year will be the successful digitalization of corporate governance.

Source: Harvard Business Review


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