A 2012 survey by Boris Groysberg and Deborah Bell revealed that corporate board directors possess strong industry knowledge but lack technology expertise. More than 1,000 directors from 59 companies participated in the said survey.
The results clearly illustrate the fact that there is still a gap in directors’ skill set, which should be a cause for concern nowadays. Given how fast disruptive technology can change the market landscape, the shortage of skills in this aspect can lead to stagnation for less innovative companies.
There is clearly a need for greater board diversity that’s not limited to gender, but also background. Directors coming from similar backgrounds tend to have the expertise in the same fields, resulting in a surplus of knowledge in one aspect but a lack in another. Thus, homogenous boards aren’t exactly as well-rounded as an ideal board should be.
Encourage the corporate board to step out of the comfort zone of the so-called old boy’s club. Dealing with board members from various backgrounds can be challenging at first, but the fresh perspective they bring may just be the boost your company needs.
Is your board technologically-challenged? Introduce directors to board portal software such as Convene. Because it works on the iPad and Android tablet, directors have the freedom to use their preferred device, leading to faster and easier adaptation.