A recent Deloitte report has highlighted the fact that high performing organisations tend to include technology-focused executives on their board of directors. Across businesses in general, the number of technology-focused directors is low, and many boards are only beginning to add technology expertise.
With the increase in technology-related risks faced by the modern organisation, the board’s responsibilities and accountabilities have increased to include more oversight technology. Boards are expected to explore in detail the effects (positive or negative) that technology has on their ability to manage their business, often getting into technical details.
The report observes that to be effective it used to be sufficient for a board to have a bunch of CFOs in the room, but now the modern board needs to get to the point where the majority of the board is tech savvy.
The authors of the report further suggest that one of the key questions a board needs to ask as a starting point in their technology oversight is “Does IT have the right talent and culture?”
Our clients grapple on a daily basis with the challenges of attracting the right talent to deliver the strategy going forward in a changing world. Tech savvy is no longer a "nice to have" and is now a requirement in business.
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