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Emerging Technologies for Inclusive Growth
By- Institute of Directors | Authored by- Lt. Gen. Surinder Nath, PVSM AVSM (Retd.)
Apr 02, 2023
Dear Readers,
Welcome to the latest edition of Directors Today magazine. In this issue, we focus on the Next-Generation of Boards – what they look like, how they operate, and what challenges they face in a rapidly changing business landscape.
The Institute of Directors organised the 30th Annual World Convention on "Leadership for Business Excellence and Innovation" on the theme "Building Future-Ready Organisations" in Dubai during March 14-17, 2023. The Convention provided a platform for experts to brain storm on Next – Generation Boards and building future organisations. The technological change is taking place at a very fast pace and most of the decision makers are looking at the horizon to the year 2030.
The experts deliberated on what is expected from future Boards. Governments, businesses and individuals all need to change the way they work. The world 10 years from now will look very different from today as we undergo the impacts of climate change and artificial intelligence. We need to harness the full force of our collective innovation, ingenuity and creativity to unlock the exponential solution needed for the many challenges ahead. Boards will have to play active role in building resilience. Resilience means both protecting against the downside of potential shocks and preparing to capture the upside. Boards of Directors can help executive team build the foresight, response and adaption capabilities they need to manage the future. Globally, the shape of future boardrooms is evolving.
Over the past few years, we have seen a shift in board composition and dynamics. Today's Boards are more diverse and inclusive, with a broader range of skills, experiences, and perspectives. They are also more engaged and proactive, playing a more strategic role in driving organizational success.
One of the key challenges facing the Next Generation of Boards is the rise of transformative technologies. From artificial intelligence to block-chain, these technologies have the potential to revolutionize how organizations operate, creating new opportunities and disrupting traditional business models. To succeed in this environment, Boards must be able to navigate complex technological landscapes, balancing risk and reward, and ensuring that their organizations are well – positioned to take advantage of these emerging opportunities.
In addition to technology, Next-Gen Boards must also be attuned to broader social and environmental trends, such as climate change, diversity and inclusion, and stakeholder capitalism. By adopting a more holistic approach to governance, they can build stronger, more resilient organizations that are better able to weather the storms of change.
At the same time, Next-Gen Boards must also be focused on building the skills and capabilities of the Next generation of leaders. By fostering a culture of continuous learning and development, they can ensure that their organizations have the talent and expertise needed to thrive in a fast-changing world.
We hope you find this edition of Director Today informative and inspiring. As always, we welcome your feedback and suggestions for future articles.
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Lt. Gen. Surinder Nath, PVSM AVSM (Retd.)
President, Institute of Directors
former Chairman, UPSC
former Vice Chief of Army Staff and
former Independent Director, L&T Ltd.
He took over as the President of Institute of Directors with effect from 02 December, 2022
Owned by: Institute of Directors, India
Disclaimer: The opinions expressed in the articles/ stories are the personal opinions of the author. IOD/ Editor is not responsible for the accuracy, completeness, suitability, or validity of any information in those articles. The information, facts or opinions expressed in the articles/ speeches do not reflect the views of IOD/ Editor and IOD/ Editor does not assume any responsibility or liability for the same.
