IT oversight

Taking on technology

Boards of directors have woken up to the IT revolution. More directors spent more of their board hours discussing IT risks and opportunities in the last year. Additionally, 62% of directors say their company’s IT strategy and risk mitigation approach anticipates potential competitive advantages from emerging technologies, up from 56% a year ago.

And many boards recognize the opportunities specifically associated with social media and mobile computing; 80% of executives believe social media engagement leads to increased sales.1

But not all boards are fully confident in their ability to effectively oversee all aspects of IT. There are complicated risks that come with the adoption of new technologies, as well as constant cyber security threats and concerns about protecting customer data. So many boards are doing the following:

  1. Looking for future directors with technology or digital media experience;
  2. Tapping IT consultants for advice more often, with twice as many using consultants on a regular basis than last year;
  3. Using the Chief Information Officer as a resource more frequently: 20% communicate with the CIO at every formal meeting, up from 18% a year ago, and 31% do so at least twice a year, up from 30% in 2012.

1 Bob Feldman, Michael Gale, Jeff Hunt, Paul Walker, “The Economics of the Socially Engaged Enterprise (Wave 1 – 2012),” PulsePoint Group in collaboration with The Economist Intelligence Unit, 2012.

Getting up to digital speed
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