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The Future is Here. So, are Boardrooms Prepared?


technology is at its peak and has made life easy and smooth like a feather
The Future is Here. So, are Boardrooms Prepared?



Some say this is the best time to be alive; technology is at its peak and has made life easy and smooth like a feather. Imagine going to libraries for your research or looking into a dictionary every time you want to check the meaning of something. As someone who has grown alongside technology and whose patience is as thin as silk thread, I cannot imagine living in any other period.


This is all thanks to the people who came before us, with open minds; full of creativity and innovation, and a rebellious nature, who took it upon themselves to bring the world closer to breakthrough technologies time and time again.

Boardrooms in the time of AI, VR | The Future is Here. So, are Boardrooms Prepared?


First, the Industrial Revolution forced us to change from an agrarian and handicraft-based economy to one dominated by industry and machine manufacturing. Now, we stand on the precipice of change, driven by new and upcoming technologies like AI, AR, VR, and Metaverse. 


The boardrooms have a front-row seat to all the breakthroughs. Gone are the times when Boardrooms discussed quarterly reports and coffee orders. With disruptive technologies knocking on the door and climate change becoming more prominent, boardrooms have no choice but to adapt and ride the wave of uncertainty. 

Here are a few crucial skills for the new-age boardroom to deal with challenges in every area of business. 


Tech Fluency 


It’s not just about spreadsheets anymore. You need board members fluent in tech. From AI to IoT, the tech world is advancing. So, having board members with tech expertise ensures you are on the right track and well ahead of the curve to make the most out of the competition and the market. 


Expertise in niched areas


A director must be an expert in one or two areas and this expertise needs to be maintained like a garden. Continuous learning, unlearning, and relearning are crucial, especially when you are in a higher position where decisions carry significant weight.


Agility 


In a fast-paced world, you need to be on your toes like a street cat who is always alert in case of danger. COVID and the subsequent global financial crisis a lesson in agility and quick decisions. The market has been tumultuous, with AI and geopolitical circumstances forcing companies to adapt or be left behind. It is easy to push strategies that worked in the past without factoring in changes. Flexible boards and directors have been the building blocks of organizations worldwide and saved many organizations from drowning. 


Think Green 


Sustainability isn’t just a buzzword you use to sound cool and relevant. It is a serious issue that needs to be worked on tirelessly. Boardrooms must prioritize this, engaging in active discussions and taking action for the environment.


More Collaboration 


Diversity is not just about gender, age, ethnicity and race. You need diversity in expertise. Diverse minds widen your horizons and offer you an overall perspective on how things can work together. You need both tech gurus and tree huggers to take your company to new heights. 


Cybersecurity & Ethics


In the age of data security breaches and corporate scandals, cybersecurity and ethics are paramount. Boardrooms must lead by example, with integrity and strong ethical principles to maintain reputation. 


Innovation is at the Heart 


Innovation and creative thinking are the hallmarks of organizations that make history. Fortune favors the brave who are willing to push their boundaries, expand their thinking, and step out of their comfort zone. 


As science fiction writer William Gibson said, “ The Future is already here. It's just not evenly distributed yet.” Organizations that can envision the future and embrace chaos in all its glory will be way ahead of their competitors. 

 


(Author: Karishma is a content writer at TechdoQuest. She gives fresh and youthful perspectives on whatever she writes about.)


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