Innovation in the boardroom is essential to the future of businesses today. These rooms are where important decisions are taken that affect the employees of a company, the shareholders who own its shares and even the economy. If boards want to encourage innovation, they must modify the way they take their decisions, and make use of the resources available to them.

Boards are already assessing the ways that technological advances can speed up and improve their methods of working. For example, movable tables and chairs as well as power sockets and high-speed WiFi are all key factors in creating an environment that facilitates brainstorming sessions as well as creative thinking. Boardrooms can be modernized using interactive displays, like the ones offered by Avocor. These displays seamlessly connect to video conferencing software and allow board members to share screens in real time and mark up documents.

To balance innovation and governance, boards must cultivate an open-minded mindset and ensure that initiatives to innovate are in line with the company’s strategy goals and risk appetite. They should also adopt an environment of continuous learning and keep abreast of new technological trends and regulatory changes, as well as best practices and expectations of society.

Boardroom innovation is about valuing diversity and encouraging communication. A diverse and inclusive group of directors will be able to explore new opportunities for success and create a sense of accountability, which is essential to navigate global megatrends. The investment in boardroom innovation is an opportunity for all directors to develop leadership capabilities and prepare their companies for the future.

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