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?
Boards Are Undergoing Their Own Digital Transformation
A survey of almost 800 global directors sheds light on common shortcomings.
July 09, 2021
SEAN GLADWELL/Getty Images
Summary.
As the pandemic accelerates digitalization around the world, to what extent have corporate boards embraced new, digital-first tools and mindsets? Based on a recent survey of almost 800 global board directors, the authors first discuss several notable differences between various countries and regions, before going on to highlight three overarching themes that emerged from the data: First, the authors found that boards have largely struggled to implement digital technologies specifically designed to support board operations, instead relying on generic tools such as WeChat or Zoom alone. Next, they found that boards were often similarly lacking in adequate cybersecurity measures to support sensitive digital communication, with less than half of directors reporting that their boards had taken action to improve data security during the pandemic. And finally, the authors found that despite widespread interest in developing digital competencies, many board directors felt they did not have access to as much training as they would like. Together, these three trends suggest that there is still significant room for improvement when it comes to ensuring a successful digital transformation at the board level.