g-f(2)2807 From Caution to Innovation: A New Tech Strategy for Boards

 

genioux Fact post by Fernando Machuca and Copilot

Introduction

The article “Boards Need a New Approach to Technology” from Harvard Business Review highlights the critical need for boards of publicly traded companies to adopt a more proactive and forward-thinking approach to technology. The authors, Tarun Khanna, Mary C. Beckerle, and Nabil Y. Sakkab, argue that many boards are overly cautious and primarily focus on security and IT, missing significant opportunities in emerging technological fields.

genioux GK Nugget

"Boards must shift from a defensive stance on technology to a proactive approach that embraces innovation and capitalizes on emerging technological opportunities." — Fernando Machuca and Copilot, August 23, 2024

genioux Foundational Fact

The article emphasizes that technological change is rapid and often arises from unexpected sources, necessitating the establishment of board technology committees to help organizations leverage advancements and drive innovation.

The 10 Most Relevant genioux Facts

1. Current Board Focus: Many boards of publicly traded companies are overly cautious and focus primarily on security and IT.
2. Missed Opportunities: This defensive stance leads to missed opportunities in areas such as new materials, space science, and genomics.
3. The ubiquity of Technological Change: Technological change is now ubiquitous, rapid, and often emerges from unexpected sources.
4. Proactive Approach: Boards need to adopt a proactive and forward-thinking approach to technology.
5. Board Technology Committees: Establishing board technology committees can help organizations capitalize on technological advancements.
6. Successful Examples: Companies like AES, Johnson & Johnson, and Altria have successfully implemented board technology committees.
7. Driving Innovation: These committees can drive innovation and advance the interests of organizations.
8. Practical Advice: The article provides practical advice on setting up and leveraging board technology committees.
9. Strategic Importance: Embracing technological opportunities is strategically important for long-term success.
10. Future Readiness: Boards that proactively engage with technology are better positioned to navigate future challenges and opportunities.

Conclusion

The article underscores the importance of a proactive and strategic approach to technology for boards of publicly traded companies. By establishing board technology committees and embracing innovation, organizations can capitalize on emerging technological opportunities and drive long-term success. This shift in mindset is crucial for navigating the rapid and unpredictable nature of technological change.

REFERENCES

The g-f GK Context

Tarun Khanna, Mary C. Beckerle, and Nabil Y. Sakkab, Boards Need a New Approach to Technology, Harvard Business Review, From the Magazine (September–October 2024).

ABOUT THE AUTHORS

Tarun Khanna is the Jorge Paulo Lemann Professor at Harvard Business School, the director of Harvard’s Lakshmi Mittal South Asia Institute, and the author of Trust: Creating the Foundation for Entrepreneurship in Developing Countries (Berrett-Koehler, 2018).

Mary C. Beckerle is the CEO of Huntsman Cancer Institute and a Distinguished Professor of Biology at the University of Utah.

Nabil Y. Sakkab is a former senior vice president of corporate research and development at Procter & Gamble.

Classical Summary of the Article

In the article "Boards Need a New Approach to Technology," authors Tarun Khanna, Mary C. Beckerle, and Nabil Y. Sakkab argue that many boards of publicly traded companies are overly cautious when it comes to science and technology¹. They tend to focus primarily on security and IT, adopting a defensive stance that overlooks significant opportunities in areas such as new materials, space science, and genomics¹.

The authors emphasize that technological change is now ubiquitous, and rapid, and often emerges from unexpected sources¹. They advocate for the establishment of board technology committees, drawing on successful examples from companies like AES, Johnson & Johnson, and Altria¹. These committees can help organizations capitalize on technological advancements and drive innovation¹.

The article provides practical advice on setting up and leveraging these committees to advance the interests of organizations, highlighting the importance of a proactive and forward-thinking approach to technology¹.

¹: [Boards Need a New Approach to Technology - Harvard Business Review](https://hbr.org/2024/09/boards-need-a-new-approach-to-technology)

Source: Conversation with Copilot, 8/23/2024

(1) Boards Need a New Approach to Technology - Harvard Business Review. https://hbr.org/2024/09/boards-need-a-new-approach-to-technology.

(2) Boards Need a New Approach to Technology | Harvard Business Publishing .... https://hbsp.harvard.edu/product/R2405J-PDF-ENG.

(3) Boards Need a New Approach to Technology - store.hbr.org. https://store.hbr.org/product/boards-need-a-new-approach-to-technology/R2405J.

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Type: Bombshell Knowledge, Free Speech

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