The Handbook of Board Governance, 2nd Edition

18Technology and the Corporate Board 2020 and Beyond

Dr. Gary L. Evans

Professor, Corporate Governance and Strategy at the University of Prince Edward Island Faculty of Business

Introduction

This chapter looks at the impact that technology is having on and within the corporate boardroom today and looking forward to the future. Boardrooms have historically looked to technology as tools of efficiency and effectiveness, but today's technology is far more. It impacts the very fabric of the business model and requires that boards take a different view on the concepts of strategic planning and the business models that have historically impacted the profitability of the corporation. Directors need to go beyond the classic concepts of strategic planning and learn to apply exponential thinking as part of the decision process of the board when applying technology to their strategic planning. This chapter explores the mainstream technologies, and the fringe technologies of 2019–2020, that need to be part of the strategic planning process. Boards need to develop a different attitude toward technology not just as disruption but as essential to survival. Boards need to consider technology training for all board members so that they understand the concepts of upcoming and developing technologies as applied to their industry. The empirical evidence clearly indicates that the world is in an era of technological transformation, and radical changes will occur across industries. Each corporate ...