Most boards will recognise that digitally transformed board governance is a when, not an if. But a majority of boards have fallen into the trap of thinking that ‘random acts of digital’ equates to a digital strategy. In fact, it could make things worse by introducing more information silos and avenues for cyber attacks.
It is apparent that a simple strategy is all that is required to avoid compounding the disparity of digital adoption and to improve governance for the long term. So the question that all boards now face is when, and why not now?
Knowa’s co-founder and CPO, Will Henderson on How to digitally transform your board and the dangers of piecemeal transformation in the April edition of Pensions Management Institute (PMI) Pensions Aspect Magazine.
The phrase ‘digital transformation’ has become so common that the Wall Street Journal has declared that “Every Company is Now a Tech Company.” Indeed although pension trustee boards are often accused of being laggard in their adoption of the latest digital processes, there are very few board activities, which do not interface with technology.
Meeting packs now reside in repositories on iPads. Decisions are minuted in docs saved on the cloud. Actuarial valuations are displayed in new online dashboards and offer an up-to-the-minute views of funding and more, with whizz-bang sliders and charts.
Boards should avoid random acts of digital
However most trustees accept that their current use of technology has been implemented piecemeal, with no overarching strategy. Boards “rarely benefit from random acts of digital…” states Deloitte’s Center for Board Effectiveness. “As a board member, it is important to question whether or not there is a digital strategy, and understand how digital fits into the overall strategy for long-term success”.1
At Knowa we suggest assessing four key enablers for a digital strategy that can be used by all boards to digitally transform their governance.