Seven Steps for Board Success in the Facebook Age
Using these technologies to communicate and collaborate with stakeholders, or having the insight they provide. Once again, the answer will often be no.What's surprising about such responses is that boards know that solid decision-making is essential to mitigating risks and ensuring the viability of their enterprises. How is it, then, that most of them don't have a grip on the operational value these technologies offer, or the critical "big data" -- about customer sentiment, employee engagement and investor insights -- that they produce? The answer: They're still using corporate governance tools and strategies that were developed in an age that was neither social nor mobile, or ever considered that the "cloud" would exist.
In short, today's corporate directors have the "necessary" skills in terms of compliance and financial performance, but not the "sufficient" skills in terms of strategic or technological know how. Why? Because for years, astute corporate directors believed the tools that companies like Facebook and Twitter offered weren't essential. In their view, these new means of communications were for kids, had little, if any, business value, and created minimal strategic, operational or financial risks. Wow, were they wrong.
