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Investing in Boardroom Innovation

Innovation in the boardroom is essential for today’s companies. Large-scale decisions are made within these rooms and affect the people a company employs as well as the investors who own shares, and even the greater economy. If boards wish to promote innovation, they need to change the way in which they make their decisions and utilize the resources available to them.

Boards are already considering the ways that technological advances can speed up and improve their methods of working. Moving tables and chairs, power outlets, and high-speed internet are all crucial factors in creating a more creative environment. Boardrooms can also be updated with interactive displays like the ones sold by Avocor which connect seamlessly to video software for conferencing and allow board members to display their screens in real-time while writing notes and marking up documents.

To ensure that innovation is balanced and governance, boards must foster a forward-thinking attitude and ensure that any innovation initiatives are in line with the organization’s strategic goals and risk-taking. They must also embrace a culture of learning continuously and keep up-to-date with new developments in technology regulations, the best practices, and expectations of society.

The key to fostering innovation in the boardroom is to promote diversity and open communication. A diverse and inclusive boardroom can be able to explore opportunities for growth and create a strong sense of accountability, which is vital in navigating global megatrends. In investing in boardroom innovation, there is a chance for all directors to develop leadership capabilities and prepare their organizations for the future.

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