The writing is on the wall.
Across the past three years, the number of CIOs serving on Fortune 100 boards has increased by 74%, a Korn Ferry study reports.
Of high-performing S&P 500 companies, nearly one-third consider themselves to have tech-savvy leaders, suggesting that it’s not just business acumen that leads to success.
Placing tech experts at the top is advantageous when it comes to advancing business strategy. “Deloitte’s global CIO survey found that an increase in interactions between CIOs and the board can lead to a more balanced mix of conversations about both risk and strategic opportunities,” two pressing topics in board conversations.
Given that nearly 50% of tech related conversations in board rooms focus on cybersecurity, having an expert in the room also enables more informed decision making.
Established board members may prove eager to invest in technologies that have historically yielded a clear return on investment, without fully exploring what’s needed and what’s available on the market. A CIO can present the board with a uniquely broad perspective in regards to these trends, and also assess technological risks for the future. This, in turn, can lead to more precise and fruitful decision making.
But that’s not to say that board members altogether lack legitimate insights on how technology could help build a stronger business. As one board member aptly noted, “No one has a monopoly on good ideas.”
For more on this story, read this article published by Harvard Law School.