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Staying Ahead
of Disruption
3 Actions for Board Members
MARCH 27TH, 2018
Ask five people what disruption means to them and the
odds are you'll receive five different answers.
I recently moderated...
Data Analytics and
Artificial Intelligence
3 Actions for Board Members
Adaptive Governance – Innovation
on the Board’s Age...
A great starting point to embrace change is to have a clearer
understanding of a company’s performance and bottom line.
Th...
It is not an easy task to govern and lead a company through disruption.
It requires striking a delicate balance between th...
Technological disruption is at the forefront of change for boards and management
alike. However, it is not always easy to ...
Embracing the changes needed to stay ahead of the
innovation, technology and economic developments will
empower the entire...
“Grant Thornton” refers to Grant Thornton LLP, the U.S. member firm of Grant Thornton International Ltd (GTIL), and/or ref...
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Staying ahead of disruption: 3 actions for board members

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Playing industry disruptor isn’t a magic trick: it requires an active approach by corporate boards in a number of different business initiatives, ranging from tech to diversity. It was a pleasure speaking with several business leaders to get their insights on what best practices boards can leverage to build a strong corporate culture for disruption and innovation. Read more about some of the ways you can create an ecosystem for driving growth

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Staying ahead of disruption: 3 actions for board members

  1. 1. Staying Ahead of Disruption 3 Actions for Board Members MARCH 27TH, 2018
  2. 2. Ask five people what disruption means to them and the odds are you'll receive five different answers. I recently moderated our virtual board member exchange where our listeners heard best practices that corporate boards should consider implementing in today’s business environment. To no surprise, each of our five speakers approached the topic in a unique way, yet all of their great insight held a common theme: corporate boards need to embrace change. Board Governance in a Time of Disruption
  3. 3. Data Analytics and Artificial Intelligence 3 Actions for Board Members Adaptive Governance – Innovation on the Board’s Agenda Dedicate Time to Building Your Knowledge around Technological Disruption
  4. 4. A great starting point to embrace change is to have a clearer understanding of a company’s performance and bottom line. This is why a number of our speakers stressed the importance of data analytics and artificial intelligence. The purpose is twofold: a clear understanding of data allows for boards AND audit committees to more effectively understand a company’s performance and deliver insights to management. Transparency will lead to dialogue that is impactful and drive improved results. Data Analytics and Artificial Intelligence
  5. 5. It is not an easy task to govern and lead a company through disruption. It requires striking a delicate balance between the fiduciary responsibility of the board and execution on behalf of management. This is why each of our speakers emphasized the importance of dedicating time for strategy discussions. We’re not referring to carving out twenty minutes on a meeting agenda. This is on a much deeper level where you can think about innovation from outside-the-box. It is also important for boards to let management understand that they don’t need to come to the table with a fully baked idea. In a way, management has to come in with a sense of vulnerability. “We’re thinking about these ideas, what are your perspectives?” This is more effective because when they throw all of their eggs into one basket, you’re running with a higher sense of risk. Say option A no longer works because there are new tariffs in China, there needs to be an option B and C for discussion. There needs to be backup plans in place and boards can convey that message. Adaptive Governance – Innovation on the Board’s Agenda
  6. 6. Technological disruption is at the forefront of change for boards and management alike. However, it is not always easy to stay up to date on the latest trends, products and solutions. In addition to scanning newspapers, TechCrunch, Wired, and websites on a regular basis, I’ll leave you with three techniques to consider: 1. Connect with venture capitalists, analysts, entrepreneurs and technology influencers in your industry. They are never okay with the status quo and are always looking for the next great innovation. Follow them via social media and listen to their podcasts. Great examples of tech podcasts include Recode Decode, Masters of Scale and the WSJ Tech New Briefings. Consider following tech influencers like Jeff Bezos, Elon Musk, etc. These are professionals that have dedicated their careers to staying ahead of the technology curve. 2. Dedicate time to walk the floors of major technology conferences and tour Silicon Valley with your management teams. Having a feet on the street perspective allows you to engage with founders and representatives of companies on a deep, personal level as well as learn about the emerging trends Examples include CES, CTA events and other tech symposiums. 3. Join Networks with your peers to exchange ideas and build relationships to stay informed on key trends and best practices from other boards. Examples such as NACD as well as Grant Thornton’s Insight Exchange – our peer networks created for board and C-Suite members. Dedicate Time to Building Your Knowledge around Technological Disruption Listen to the podcast here
  7. 7. Embracing the changes needed to stay ahead of the innovation, technology and economic developments will empower the entire organization to evolve faster and succeed. Boards Set the Tone with Management for the Entire Organization Contact me today to have a conversation about next steps for your board Nichole Jordan National Managing Partner, Markets, Clients & Industry Tweet me: @NicholeJordan26 Message me on LinkedIn Listen to the podcast here
  8. 8. “Grant Thornton” refers to Grant Thornton LLP, the U.S. member firm of Grant Thornton International Ltd (GTIL), and/or refers to the brand under which the independent network of GTIL member firms provide services to their clients, as the context requires. GTIL and each of its member firms are not a worldwide partnership and are not liable for one another’s acts or omissions. In the United States, visit grantthornton.com for details. © 2018 Grant Thornton LLP | All rights reserved | U.S. member firm of Grant Thornton International Ltd

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