From fragile to agile

The Agile methodology has rapidly evolved from its original software origins to become an industry-agnostic revolution in organisation flexibility, collaboration and rapid iteration. The term “agile” is now business colloquial, as organisations are forced to keep pace with rapid global change.

With directors facing the brunt of business pressure, it is no surprise that agile thinking has made its way into the boardroom. Today, boards need to engage cross-functional and self-organised teams to rapidly learn, adapt and evolve alongside stakeholder needs.

Adopting digital and analytical board tools is arguably the most vital step to improving board agility. The right technology empowers boards beyond workflows, by surfacing critical insights, fostering deeper understanding and obtaining more diverse business perspectives.

However, it can be a challenge for board teams to identify the right combination of software tools and techniques to effectively discharge their stewardship responsibilities in the new digital world.

Boardroom technology, which has made remote decision making possible, will continue to evolve and drive agile board capability. Many boards have already succeeded in digitising existing operational processes such as signatures, document creation, sharing and review.

Now, as they aim to grow more sophisticated and strategic in their digital approach, boards and corporate secretaries must explore how they can take advantage of digitalisation to access a wider set of real-time data.

Agile boards require data that goes beyond financial and operational information. They need everything from ESG performance, industry trends, cyber security intelligence, and legislative and regulatory developments – all available in near real time – to support swift decision-making. The acceleration of digitalisation represents an opportunity for boards to take a leap forward, leaning on platforms to support their work.

However, embracing greater digital adoption in the boardroom is not without risk. The New Zealand Business Digital Index report found 48 per cent of businesses identify concerns about information security as the largest barrier to digital enablement.

The increased flow of high-value data means that directors and board documents become increasingly attractive targets to malicious actors. The digital tools used to share secure governance documents, communicate confidential information and vote need to be both invaluable and invulnerable.

Tools such as the GRC Platform enable board members and executives to collaborate with confidence. The Board & Leadership Collaboration solution enables leadership teams to communicate swiftly and effectively, to make agile decisions and to mitigate security risks — free of the insider threat.

With Diligent’s suite of secure applications, all workflows fall under the same security umbrella, driving operational efficiency and mitigating cyber risk. These industry-leading solutions help boards act with greater agility by changing how work gets done at the executive and board levels.

As a result, boards are better prepared to pivot quickly and make informed decisions as unforeseen challenges arise. Equipped with the right data at the right time, these agile boards, and their organisations, are ready for anything.

The time has well and truly come when digital adoption must move from a board agenda item to an all-encompassing attitude to unlock true agility.