Technology is not just for the CIO and tech support anymore. Directors and IT professionals discussed the role of technology in the enterprise and what boards can do to ensure the company is fully using all available technology resources to safeguard the long-term sustainability of the enterprise. In today’s ever-changing and competitive business world, technology is often critical to long-term sustainability. In fact, many companies acknowledge the increasing importance of IT and their reliance on IT for new avenues of growth. Because technology emerges, evolves, and sometimes disappears so rapidly, integrating IT fully across the business can be the most efficient way to deliver business capabilities.
1. Emerging technologies are becoming more a part of the success factors of an organization. Customers are making buying decisions while on social networks. Investors are making investment decisions. Social media is creating the need for a cultural shift—from marketing to consumer research.
2. There is a reputational risk involving social media. Everything a company does is public. It’s important to have protocols in place as part of the overall risk management process to know how to respond if something is posted online.
3. Big data is going to change the playing field, which will likely alter who a company’s competitors are. So it’s important for companies and boards to be flexible and to move as technology changes.
Director, JetBlue; Managing Partner, Azimuth Partners LLC
Senior Vice President, Chief Technology Officer, Broadridge Financial Solutions
Doreen A. Wright
Independent Board Director, WhiteWave Foods Co.; Crocs Inc.
This summary provided by PricewaterhouseCoopers.