How can you ensure that the board is effectively managing technology and innovation?

Technology and innovation are essential drivers of business success in the digital age. However, many boards struggle to oversee and support the strategic use of technology and innovation in their organizations. How can you ensure that your board is effectively managing technology and innovation? Here are some tips to help you create a board culture that fosters innovation and embraces technology.

1 Assess your board's tech skills

The first step to ensure that your board is effectively managing technology and innovation is to assess the current level of tech skills and knowledge among your board members. You can use a tool such as the Board Technology Competency Matrix to evaluate the strengths and gaps of your board in areas such as digital strategy, cybersecurity, data analytics, and innovation. Based on the results, you can identify the areas where your board needs to improve or recruit new members with relevant expertise.

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Cindy Rodriguez Constable

Transforming leaders with Compassion, Strategic Vision & AI Insights | TEDx Speaker | Published Writer
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Assessing the board's fluency in technology is crucial. I've seen boards struggle to provide oversight when they lack tech expertise. Using a skills matrix to identify gaps across areas like digital strategy, cybersecurity, emerging tech etc can inform recruiting and development priorities. But assessment is just the start - boards need continuous exposure to keep tech knowledge fresh amidst rapid change. Consider regular tech briefings, facility tours showcasing new innovations, hackathons to spur creativity, and partnerships with external experts. Evaluation helps determine readiness, while ongoing education sustains tech governance. Prioritizing tech literacy empowers boards to steer, not stall digital progress.

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2 Align technology and innovation with strategy

The second step to ensure that your board is effectively managing technology and innovation is to align them with your organization's strategy and goals. Technology and innovation should not be treated as separate or isolated topics, but as integral components of your strategic planning and decision making. Your board should regularly review and update your digital strategy, monitor the progress and impact of your innovation initiatives, and ensure that your technology investments are aligned with your value proposition and customer needs.

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Cindy Rodriguez Constable

Transforming leaders with Compassion, Strategic Vision & AI Insights | TEDx Speaker | Published Writer
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Technology and innovation efforts can't be siloed from strategy. The board should continually evaluate if technology fuels strategic aims, and if strategy evolves to leverage new innovations. This means incorporating tech discussions into reviews of the org vision, goals, and growth plans. It also requires monitoring if tech investments pay off through pilots with clear KPIs. Strategy offers the guiding light, while technology and innovation are vehicles to illuminate the path. With tight alignment, they move organizations confidently into the future. Lacking alignment breeds disjointed efforts. Sustain focus by keeping strategy, tech and innovation in lockstep.

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3 Engage with stakeholders and experts

The third step to ensure that your board is effectively managing technology and innovation is to engage with your internal and external stakeholders and experts. Your board should seek input and feedback from your management team, employees, customers, partners, and suppliers on how technology and innovation are affecting your business environment and creating opportunities and challenges. Your board should also consult with external experts, such as consultants, academics, or industry peers, to gain insights and best practices on emerging technologies and innovation trends.

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Cindy Rodriguez Constable

Transforming leaders with Compassion, Strategic Vision & AI Insights | TEDx Speaker | Published Writer
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Boards should proactively engage stakeholders - from management to customers - to gain on-the-ground insights about emerging technologies and innovations. But engagement should extend beyond gathering intel. Leaders must listen with humility and compassion, not just extract information. Ask thoughtful questions, openly discuss fears around change, and acknowledge efforts made to upskill amid disruption. This fosters trust and a spirit of collective growth. Bringing empathy and care to stakeholder interactions around disruptive change unlocks more honest dialogue and unified progress. People support what they help build. Compassionate engagement around technology and innovation leads to collaborative breakthoughs.

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4 Promote a culture of learning and experimentation

The fourth step to ensure that your board is effectively managing technology and innovation is to promote a culture of learning and experimentation in your organization. Your board should encourage your management team and employees to explore new technologies and ideas, test hypotheses, learn from failures, and scale successes. Your board should also support your organization's learning and development programs, especially those related to digital skills and innovation capabilities.

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5 Evaluate and reward technology and innovation performance

The fifth step to ensure that your board is effectively managing technology and innovation is to evaluate and reward your organization's performance in these areas. Your board should establish clear and measurable indicators and targets for technology and innovation outcomes, such as revenue growth, customer satisfaction, operational efficiency, or social impact. Your board should also recognize and reward your management team and employees for their contributions and achievements in technology and innovation.

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6 Adopt technology and innovation best practices

The sixth step to ensure that your board is effectively managing technology and innovation is to adopt best practices for governance and oversight of these areas. Your board should adopt a technology and innovation charter that defines the roles and responsibilities of your board, committees, and management team in relation to technology and innovation. Your board should also implement a technology and innovation risk management framework that identifies, assesses, mitigates, and monitors the risks associated with technology and innovation.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can you ensure that the board is effectively managing technology and innovation?

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1 Assess your board's tech skills

2 Align technology and innovation with strategy

3 Engage with stakeholders and experts

4 Promote a culture of learning and experimentation

5 Evaluate and reward technology and innovation performance

6 Adopt technology and innovation best practices

7 Here’s what else to consider

Business Administration

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How can you ensure that the board is effectively managing technology and innovation?

1

2

3

4

5

6

7

1 Assess your board's tech skills

2 Align technology and innovation with strategy

3 Engage with stakeholders and experts

4 Promote a culture of learning and experimentation

5 Evaluate and reward technology and innovation performance

6 Adopt technology and innovation best practices

7 Here’s what else to consider

Business Administration

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