Tony Chapelle, Agenda, January 9, 2017
The Center for Board Matters at accounting and management consulting firm EY has identified six main priorities that corporate boards are likely to focus upon in 2017. However, one of those topics, dealing with disruption and convergence, is perhaps the most vexing of problems boards will deal with this year, so Agenda has called on a group of experts to address this challenge. We asked one director and a handful of corporate governance experts to distill and offer advice on how boards can help their managers develop and implement competitive and effective strategies while the world bombards them with disruption and convergence.
Davia Temin, CEO of strategy and communications consulting firm Temin and Company, says boards need to pay attention to the evolution of convergence.
For example, almost all corporations have had departments or silos that traditionally focused on cyber security and risk management. They’ve also had traditional marketing departments. But now, the ability of a law firm or an online retailer to send and receive information securely has itself become a marketing issue. If clients don’t have assurances that a company has certifications or other indications of top-notch Internet protection, they may not use a company’s services or products.
More broadly, Temin says, with mainstream news and social media converging, it’s going to be important for boards to ensure that regular news is clearly differentiated from simple opinion.
In order for directors to get out in front of disruption scenarios, she says, “the board really needs to assure that the company strategy factors in all possible disruptions that they know of right now when it comes to products, to the business environment, to the business model and to consumer audiences.” […read more]