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Boardroom innovation is vital to the future success of businesses today. The majority of decisions are made in these rooms, which affect the people employed by a business as well as the investors who own shares in the company, and even the overall economy. If boards wish to foster innovation, they must change the way in which they make their decisions and utilize the resources they have available.
Boards are already looking at ways that technological advances can improve and speed up their methods of working. For instance, movable tables and chairs with power sockets, as well as high-speed WiFi are all essential factors in creating an environment which encourages brainstorming and creative thinking. Boardrooms can be upgraded by using interactive displays, such as those sold by Avocor. These screens seamlessly connect to videoconferencing software and allow board members to share screens in real time and mark up documents.
To ensure a balance between innovation and governance, boards need to develop a forward-thinking mindset and ensure that initiatives to innovate are in line with the company’s goals and risk appetite. They should also create an attitude of continuous learning and be aware of new developments in technology regulations, societal changes, best practices as well as societal expectations.
The key to boardroom innovation is valuing diversity and encouraging open communication. A diverse and inclusive board of directors will be able to explore new opportunities for success and develop a sense accountability that is crucial to navigate the global megatrends. The investment in boardroom innovation is an opportunity for directors of all levels to develop leadership capabilities and prepare their companies for the future.