Perspectives
Digital Frontier: A technology deficit in the boardroom
The Deloitte Global Boardroom Program's new research of directors and corporate leaders reveals underinvestment in technology and uncovers gaps in board engagement on digital transformation.
In early 2022, the Deloitte Global Boardroom Program surveyed over 500 directors and C-Suite executives from companies based in 55 countries, to understand the degree of board engagement in technology today. With digital transformation in many organisations moving at pace, technologies such as cloud and artificial intelligence (AI) offering competitive opportunities and cyberattacks becoming more prolific, technology is very much on the board’s agend
Overall, the survey revealed a gap between the growing demand for greater technology understanding and engagement and what’s currently being provided by boards. This report explores some reasons behind this gap and the key challenges preventing some boards from fully engaging with technology, along with ideas on what can be done differently to improve engagement and governance.
Key highlights from the report for the Asia Pacific region include:
Embracing technology to achieve a competitive advantage
- When asked how the CxO and board directors feel about their company’s progress in embracing technology to achieve a competitive advantage, 73% of CXO and board members in Asia Pacific said yes, with 14% saying no and 13% that they are unsure.
Organisations aren’t investing enough in technology
- Nearly half of survey respondents say their organisation isn’t investing enough in technology to meet their key strategic objectives. APAC has the highest percentage by region at 62%.
Understanding data assets and ensuring organisations are well protected
- 40% of respondents in Asia Pacific confirm that their organisations understand their data assets and agrees that they are well protected. APAC has lowest regional percentage, compared with the Americas at 49% and EMEA 56%.
Ensuring board discussion across technology topics
- A high 71% of Asia Pacific respondents indicated that the most effective way the board could bolster tech oversight is to have a more holistic plan to ensure board discussion across the range of technology topics that are critical to their strategy.
Implementing and developing a clear climate strategy
- 19% of board directors and CxOs in Asia Pacific agree that they have a clear climate strategy in place and have started implementing this, with 40% indicating that they probably do, but are still developing their strategy.
