Navigating this new era requires an ongoing commitment to research, analysis and collaboration. There’s a continual learning curve and a heightened need to frequently assess company personnel, resources and strategies in light of such dramatic change. Staying ahead of the disruption curve is paramount. From my conversations with colleagues, as well as board members from a diverse group of industries, six considerations stand out as helpful practices in the technology evaluation process.

1. GT.COM U.S. member firm of Grant Thornton International Ltd
Navigating Disruption
6 Steps for Directors to Stay Ahead of the
Technology Curve
Board members are faced with the seemingly daunting responsibility of assessing
technological innovation in real time and determining how it impacts their
organizations now and in the future. From intelligent automation and data analytics, to
transforming not only specific business functions, but entire industries. This
environment is raising the bar on decision-making, elevating risk and fueling a shift
toward more systematic strategic thinking.
Navigating this new era requires an ongoing commitment to research, analysis and
collaboration. There’s a continual learning curve and a heightened need to frequently
assess company personnel, resources and strategies in light of such dramatic
change. Staying ahead of the disruption curve is paramount. From my conversations
with colleagues, as well as board members from a diverse group of industries, six
considerations stand out as helpful practices in the technology evaluation process.
They include:
1. Follow the thought-leaders
From engaging on social media, to reading timely research, white papers and
opinion-pieces, it’s imperative that directors stay attuned to influential experts
within the technology fields that are most relevant to their organizations. From
venture capitalists and analysts to entrepreneurs and inventors, these leaders
influence the competition and many service providers within each sector. Some
of the better sources include publications like TechCrunch and Wired, as well
as podcasts such as Recode Decode, The Wall Street Journal’s Tech News
Briefing and WSJ The Future of Everything, and Reid Hoffman’s Masters of
Scale.
2. Host a Silicon Valley tech tour
Changing times require changing approaches to the frequency, subject matter
and location of board meetings. The high level of innovation under way deserves
an elevated level of discussion and interaction among directors, management
and a company’s advisors. Traveling to Silicon Valley to meet with tech
companies and industry experts is also an endeavor well worth pursuing. There’s
a need to move out of the box, so to speak, and foster conversation and insight
sharing, even if it means longer hours and time spent around the boardroom
table or on fact-finding excursions. This is time well spent.
April 23, 2018ABOUT THE AUTHOR
NICHOLE JORDAN
National Managing Partner,
Markets, Clients & Industry
Twitter: @NicholeJordan26

2. 3. Benchmark best practices
One of the most effective and practical avenues to monitoring and evaluating
technology progress can be achieved through the development of an innovation
scorecard. Shared between the board and company executives, this entails
developing a tailored list of operating areas where innovation can drive improved
results, in line with the industry peers. Such a scorecard serves as a working
document to help drive execution in a transparent manner. Grant Thornton’s
Insight Exchange series serves as a helpful platform for engaging with peer
networks and sharing best practices by industry group.
4. Build an ecosystem
Connect with outside experts regularly to obtain viewpoints regarding the future.
Consider inviting tech leaders like Amazon to speak to your Board on the future
of your sector. It’s important to welcome differing opinions, while evaluating a
broad range of options and related risks. One of the hallmarks of this
transformative era is that there are many innovations and different approaches
that can lead to similar levels of success. It’s often a matter of degrees.
Deciphering which path is right for your organization requires an open dialogue,
active scenario planning and an in-depth understanding of costs and ROI
metrics. At the same time, it’s important to actively review the potential risks
inherent with each strategic path.
5. Network at tech conferences
Dedicate time to join peer networks and attend major technology conferences
such as CES, the Consumer Technology Association events and the WSJ
The Future of Everything Festival. Connecting directly with experts and fellow
board members in the industry will give you another level of insight and
perspective on emerging trends, key developments and best practices. Real life
discussions provide valuable vantage points to assess true peer sentiment and
evolving industry dynamics.
6. Walk the Floors
These times call for a higher level of interaction between board members and
operating management. It’s critical for directors to gain a clear understanding of
the intricacies that go into the company’s operations. From product development
and sourcing, to manufacturing and shipping, to marketing and data analysis,
technological innovation impacts every area of business. Beyond conversing with
senior management, you can make better decisions when you see first-hand how
your company operates.
These are among the more common suggestions regarding how board members
can better assess technological innovation and stay ahead of the disruption
occurring across so many industries. In light of the technology transformation
underway, the stakes have certainly been raised on decision-making. It only makes
sense for board members to raise their game in understanding and evaluating the
options in front of them.