• About
  • Subscribe
  • Contact
Wednesday, March 29, 2023
    Login
FutureCFO
  • Business Insights
    • Competencies and Capabilities
    • Digital Transformation
    • Leadership and Roles
    • Mergers and Acquisitions
    • Risk and Regulation
    • Strategies and Tactics
  • Operations
    • Audit and Compliance
    • Finance Accounting and Reporting
    • Operational Accounting and Control
    • Tax Management and Optimization
    • Treasury and Cash Management
  • Technology
    • Artificial Intelligence
    • Automation
    • Big Data
    • Blockchain
    • Business Applications
    • Cloud, Platforms and Ecosystems
    • Future Technology
  • Resources
    • Whitepapers
    • PodChats
    • Videos
  • Events
  • Awards
  • Knowledge Hub
    • Sustainable Finance
No Result
View All Result
  • Business Insights
    • Competencies and Capabilities
    • Digital Transformation
    • Leadership and Roles
    • Mergers and Acquisitions
    • Risk and Regulation
    • Strategies and Tactics
  • Operations
    • Audit and Compliance
    • Finance Accounting and Reporting
    • Operational Accounting and Control
    • Tax Management and Optimization
    • Treasury and Cash Management
  • Technology
    • Artificial Intelligence
    • Automation
    • Big Data
    • Blockchain
    • Business Applications
    • Cloud, Platforms and Ecosystems
    • Future Technology
  • Resources
    • Whitepapers
    • PodChats
    • Videos
  • Events
  • Awards
  • Knowledge Hub
    • Sustainable Finance
No Result
View All Result
FutureCFO
No Result
View All Result
Home Business Insights

Technology deficit in the boardroom puts investment at risk

FutureCFO Editors by FutureCFO Editors
June 15, 2022
boardroom

Photo by Eclipse-USA on Pixabay

Technology deficit in the boardroom is impacting enterprise investment and digital transformation, said Deloitte recently when releasing results of a survey of 500 directors and C-suite executives. 

Technology deficit, defined as the lack of technology strategy and experience in the boardroom, exists though organisations today operate in an increasingly competitive and digital world, the firm pointed out.

Survey highlights

  • Organisations are looking for stronger board engagement in their technology strategy. However, fewer than half of executives and board members surveyed believe their board is providing enough oversight of technology matters. 
  • A similar number of executives (44%) say that their board directors lack the knowledge they need to provide effective stewardship in this crucial area.
  • There are several challenges to board oversight of digital, cyber, and new technologies including: an over-reliance on management, deficits in tech fluency, vague tech governance structures, poorly defined management information, and unclear links between technology and strategy.

A competitive disadvantage
The board’s lack of experience could put investment at risk, and ultimately lead to a competitive disadvantage, Deloitte warned. 

Nearly half of respondents (49%) say their organisation isn’t investing enough in technology to meet the key strategic objectives of outpacing the competition and addressing opportunities and risks, the firm said. 

In fact, C-suite respondents were seven percentage points more likely than directors to say their organisation needs to step up investment, the firm added.

“Framing tech investments as business investments is vital to securing a competitive advantage and capturing more market share,” adds Lillie. “However, demonstrating a causal relationship between these investments and growth requires boards to first establish good measurement criteria and be able to clearly articulate the value that technological advancements can bring—for the entire organization.”

Opportunities to increase technology engagement
Despite the board’s technology deficit, respondents offered productive next steps to become more effective stewards of digital, cyber, and new technologies, Deloitte noted.

Survey results indicate that 66% of directors, along with 61% of executives, recommended educating board members on the latest technology trends. 

A similar subset of respondents recommended developing a more holistic plan to address technology and its link to strategy at the board table—prioritising technology as an ongoing topic of conversation, Deloitte added.

What C-suite and board should do
Directors should assess whether, and to what extent, proficiency and stewardship gaps may exist on their boards, said Dan Konigsburg, leader of Deloitte’s Global Boardroom Program. 

“While management should be thinking proactively about the relevance of adopting new technologies, board members can play an important role in the decision-making by exploring the ‘what-ifs,’ and envisioning future possibilities,” Rich Nanda, Principal at Deloitte Consulting LLP advised. 

“Together, C-Suite and boardroom executives can complement one another to drive a technology-driven strategy that is both effective in the short-term and delivers outperformance in the long-term,” Nanda added.

Related:  Moody’s: There are more potential “fallen angels” in Asia
Tags: board of directorsDeloittetechnology trends
FutureCFO Editors

FutureCFO Editors

No Result
View All Result

Recent Posts

  • Asia Pacific private equity deal value down 44% in 2022
  • Investment planning: Sustainability metrics to be CFO’s standard practice by 2026
  • Rein in rogue spending by automating accounts payable
  • Is your people strategy human enough?
  • Security budgets rise more than in 2022 despite economic headwinds

Live Poll

Categories

  • Artificial Intelligence
  • Audit and Compliance
  • Automation
  • Big Data
  • Blockchain
  • Business Applications
  • Business Insights
  • Case Studies
  • Cloud, Platforms and Ecosystems
  • Competencies and Capabilities
  • Digital Transformation
  • eBooks and eBriefs
  • Finance Accounting and Reporting
  • Future Technology
  • General
  • Infographics
  • Leadership and Roles
  • Mergers and Acquisitions
  • Operational Accounting and Control
  • Operations
  • Polls and Surveys
  • Resources
  • Risk and Regulation
  • Strategies and Tactics
  • Tax Management and Optimization
  • Technology
  • Treasury and Cash Management
  • Videos/Tutorials
  • Webcasts/Podcasts
  • White Papers

Strategic Insights for Finance Executives

FutureCFO.net is about empowering the CFO and the Finance Team to take on the leadership position in the digitalization of the enterprise. It's more than just a portal for the exchange of industry best practices, it is about creating and growing a community of finance professionals able to share learned experiences, providing a platform for the current and next generation of finance leaders and professionals.

Quick Links

  • Videos
  • Resources
  • Subscribe
  • Contact

Cxociety Media Brands

  • FutureIoT
  • FutureCFO
  • FutureCIO
  • Privacy Policy
  • Terms of Use
  • Cookie Policy

Copyright © 2022 Cxociety Pte Ltd | Designed by Pixl

No Result
View All Result
  • Business Insights
    • Competencies and Capabilities
    • Digital Transformation
    • Leadership and Roles
    • Mergers and Acquisitions
    • Risk and Regulation
    • Strategies and Tactics
  • Operations
    • Audit and Compliance
    • Finance Accounting and Reporting
    • Operational Accounting and Control
    • Tax Management and Optimization
    • Treasury and Cash Management
  • Technology
    • Artificial Intelligence
    • Automation
    • Big Data
    • Blockchain
    • Business Applications
    • Cloud, Platforms and Ecosystems
    • Future Technology
  • Resources
    • Whitepapers
    • PodChats
    • Videos
  • Events
  • Awards
  • Knowledge Hub
    • Sustainable Finance
Login

Copyright © 2022 Cxociety Pte Ltd | Designed by Pixl

Login to your account below

or

Not a member yet? Register here

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In