Board Directors Seek to Increase Tech IQ

 
 
By Dennis McCafferty  |  Posted 10-03-2013 Email
 
 
 
 
 
 
 
 
 
  • Previous
    1-Learning Curve
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    Learning Curve

    32% of board directors say they do not have enough understanding of IT to support the company's strategy and IT risk mitigation.
  • Previous
    2-Presence Required
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    Presence Required

    20% communicate with the CIO at every formal meeting, up from 18% last year.
  • Previous
    3-Regular Updates
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    Regular Updates

    31% communicate with the CIO at least twice a year, about the same as last year.
  • Previous
    4-Hours Allocation
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    Hours Allocation

    55% want to spend more time working on IT strategies within the upcoming year, and 61% want to devote more time to IT risk management within that time frame.
  • Previous
    5-On Board
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    On Board

    80% are "highly" engaged with major IT implementations and 63% are with the annual IT budget.
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    6-Forward Movement
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    Forward Movement

    41% are engaged with understanding employees' use of mobile tech, up from 25% in 2012.
  • Previous
    7-Business Plan
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    Business Plan

    45% are engaged with understanding how IT is enabling new business models, up from 41% last year.
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    8-Money Matters
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    Money Matters

    24% are not sufficiently engaged in understanding the company's level of cyber-security spend.
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    9-Competitive Landscape
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    Competitive Landscape

    22% say they're not sufficiently engaged in building awareness about the competition's leveraging of emerging tech.
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    10-Input Sought
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    Input Sought

    35% of organizations are using outside consultants to advise boards on IT strategies and risk, up from 27% last year.
 

Do you find yourself in front of the board of directors more often these days? You're not alone, according to a recent survey from PwC. Board leadership no longer views CIOs as simply those "tech people" who oversee relatively routine hardware and software acquisitions and help-desk tickets. Instead, they're recognizing IT as a driving force behind essential strategies—and sometimes foreboding risk. And they want to know more about overall tech initiatives, as well as mobile trends and the competition's deployment of IT. All of this means you may want to set aside time on your Outlook Calendar periodically to prepare for your appearances at board meetings, among other interactions with these VIPs. "The technology revolution is significantly impacting the boardroom," says Mary Ann Cloyd, leader of PwC's Center for Board Governance. "It's prompting directors to increase their time and focus on IT, and to reconsider their oversight approach and seek new ways to enhance their digital IQ. While directors have made notable strides to improve effectiveness of oversight, ensuring IT strategy and risk are woven into their company's overall business plan remains a challenge." Nearly 935 public-company directors participated in the research. For more about the survey, click here.

 
 
 
 
 
Dennis McCafferty is a freelance writer for Baseline Magazine.

 
 
 
 
 
 

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