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Investing in Boardroom Innovation

Boardroom innovation is vital to the future success of businesses today. Major decisions are made in these rooms, which affect the employees employed by a company, the investors who own its shares, and even the greater economy. If boards wish to encourage the development of ideas, they need to alter the way they make their decisions and make use of the resources at their disposal.

Boards are already looking into ways in which technological advancements can speed up and enhance their processes. For instance, movable tables and chairs along with power sockets and high-speed WiFi are all essential factors in creating an environment which encourages brainstorming and creative thinking. Boardrooms can also be modernized with interactive displays like the ones sold by Avocor, which seamlessly connect to video conference software and allow board members to collaborate on their screens in real-time while they write notes and mark up documents.

In order to balance innovation and governance, boards need to cultivate a forward-thinking mindset and ensure that their innovation initiatives are in line with the organization’s goals and risk tolerance. They should also adopt the idea of continuous learning and stay current with emerging technologies, regulatory changes, best practices and societal expectations.

Boardroom innovation relies on valuing diversity and encouraging communication. A diverse and inclusive boardroom can be capable of exploring new possibilities for growth and give a sense of accountability, which is crucial to navigating global megatrends. In investing in boardroom innovation, there is a chance for directors everywhere to develop leadership capabilities and prepare their companies for the future.

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