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Digital disruption: what is the Board doing about it?

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Le Bouche à Oreille

Félix Hapstraat 11

1040 BRUSSELS

Belgium

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18:00 – 18:25 – Onthaal
18:25 – 18:30 – Installatie aan tafel en Introductie door BCTE
18:30 – 19:00 – Key Note door Isabelle Dumortier
19:00 – 19:35 – Een of twee discussievragen worden per tafel door de deelnemers besproken
19:35 – 20:30 – Panel: Sébastien François, Murielle Machiels, Christophe Depreter en Brigitte Buyle
20:30 – 22:00 – Netwerking + walking diner

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1. Scope of our 2019 National Forum

WHY?

There’s no escaping digital disruption, especially not in Boardrooms!

The forecast is pretty clear: Disrupt or be disrupted.

Deze Forum zal in de twee landstalen, Frans en Nederlands, gehouden worden.

Ce forum se tiendra dans les deux langues nationales, en français et en néerlandais.

2. Introduction

By nowevery board should be discussing digital disruption. “It’s front and center everywhere!” Specifically, customer experience is the central topic: Companies are interacting with their customers in purely digital ways, whether it’s billing, ordering, customer service, … every touchpoint must evolve to a tech-driven interaction, and discussions on how to integrate the technology have penetrated every board room.

The pace of technological change is accelerating. It’s been frequently observed that improvements in computing power have largely kept pace with Moore’s Law. The plummeting cost of advanced technologies means that the world around us is becoming ever more connected. In 2005, there were just 500 million devices connected to the Internet; today there are 8 billion. By 2030, it’s estimated that there will be over 1 trillion.

Directors are more and more expected to add value as companies address the new challenges that change brings:

  • The digital revolution and technologies like robotics and artificial intelligence are reshaping corporate opportunities and the workforce.
  • Millennials are about to become the most powerful consumer group, with spending habits and priorities that are different from any generation before. And as they mature in the labor market, their expectations are changing workplaces.
  • A corporate scandal, real or alleged, can erupt over social media in the course of mere hours.
  • The lines separating industries are blurring as traditional companies face pressure to keep up.

3. Concept

The many technology innovations and their resulting consequences are creating an ongoing wave of business disruption. Boards are and should be concerned about addressing these issues before their revenue streams, brands, share values and bottom lines are negatively affected. Moreover, outside stakeholders from activist investors to regulators are starting to demand action and improvement in how companies manage digital risk. Whether leaders fix these deficiencies themselves or are forced to, change is widespread and unavoidable.

Consequently, Boards need to play the long game. This starts with understanding and governing technology fuelled disruption. Addressing this challenge boils down to improving boardroom digital diversity. Board directors can do this by introducing digital competencies into their boardroom and by actively developing the digital IQ of all of their board members. This starts with improving digital diversity in the corporate boardroom to both lead into the digital future and also plan and respond to its unexpected and unintended consequences and risks.

Ultimately, digital success starts at the top. So, what are board members expected to do? They need to step up and learn about the impacts of digital transformation along with their risks. Individual corporate directors can start by following these three steps:

  1. Raising their digital IQ by learning about digital innovations and their related risks and threats;
  2. Understanding the foundational economic, industry and competitive impacts of new technologies; and
  3. Actively governing their company’s digital future by adding digital skills to their boards and then applying leading practices in digital governance.

A tsunami of regulations has been introduced around cybersecurity. And, there are more regulations being proposed that address a wide range of issues from disclosure, cybersecurity skills development to raising the accountability stakes with more severe civil and criminal penalties. Also, the GDPR went live in Europe, which establishes a new threshold and standard for data privacy accountability including significant financial penalties. In a world where hackers find and hack weakness, being the weak link in any business supply chain creates risk for all of your business partners.

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Date and Time

Location

Le Bouche à Oreille

Félix Hapstraat 11

1040 BRUSSELS

Belgium

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