Communication platforms like Slack and MS Teams allow everyone in the company to have access to the same information at the same time, which is something every company should embrace and benefit from. However, board work has so far only been marginally affected by this new reality of transparency.
Digital tools that have been developed to facilitate board work have primarily focused on the internal board work. But there is much more to it. The board of smaller growth-companies should be given better insight into the company’s daily operations, which is facilitated today by the use of digital communication platforms.
The result? An up-to-date and more independently working board of directors, and thus better able to evaluate the CEO and reassess strategies.
When meetings at the company are digitized, it is also possible for members with fully booked calendars to participate (more efficiently) or take part of “on-demand” (recorded) material. The new opportunities to participate in the company’s operations coincide with a need that has never been greater.
Everything is changing so much faster today and that requires real-time information rather than board meetings with power-point presentations. If this new way of involving the board in the business can be combined with effective handling of board formalities and follow-up of decisions and strategies, board work becomes a real asset for both shareholders and operational management.