On the board's agenda

Rethinking how tech trends shape governance and oversight 

The corporate board has many stakeholders—shareholders, employees, vendors, customers, and communities. Being responsive to such a wide array of constituencies is no easy task. Over time, technology has become an omnipresent concern across these groups. And thus, technology has likewise become a recurring topic of concern to boards. The rise of the digital age has brought with it a mix of both opportunities and threats. On the one hand, the high-tech revolution has improved economies of scale and transformed business processes across every industry sector. Conversely, the boon of technologically aided abundance has brought with it increasing economic inequities, regulatory scrutiny, and rising consumer distrust.

For board members, making informed governance decisions in this area is more challenging than ever before. This is partially because the complexity of enterprise technology is increasing at an exponential rate. Deloitte’s 2023 Tech Trends report offers a navigational framework for boardroom conversations in this area. Specifically, the report suggests a holistic governance approach where leverage of technology is based on the business use case rather than its perceived novelty or innovativeness. To put it simply: The best way to drive a nail is determined by the size, dimensions, and materials of the nail—not the newness of the hammer. That remains true even if it’s an “enterprise smart hammer,” which connects to your smartphone and provides voice-guided assistance.

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