Fortune convened a group of prominent members of corporate boards about the BOD role to address Walgreens CEO Rosalind Brewer comments on the massive change in the making in business because of new attitudes, values, and actions brought about by the confluence of a –
- technological revolution
- pandemic
- mental health issues and personal matters
- perception of racial and social injustices
- climate crisis in making
- rethinking of the nature and purpose as well as the where and when of work
Because of the significance (individually and in aggregate) of these changes, former Unilever CEO Paul Polman posed the following observation to the group –
“ You have this enormous scale of change – bigger than the Industrial Revolution. Boards of Directors struggle with that. They’re just not equipped to deal with today’s challenges. It might sound harsh but that is the reality. They don’t reflect the real world anymore. They grew up at a different time and did an outstanding job, but the world has moved on.
Unfortunately, many on the BOD have not moved on in – digital knowledge, ESG [environmental, social, and governance] knowledge, new business models, the changing nature of risk, etc.
Because we have a problem – with the urgency to act right now – the Board of Directors might become a bottleneck.”
Extending on this, with the same observation being applicable to many C-Suite Executives in established enterprises, there are significant obstacles to effecting change to –
- Innovate for Impact
- Successful Digital Transformation
…. to expand business opportunities, increase relevance and revenue, create new value and wealth, etc.
In this context, it’s easy to see there are huge challenges – and huge opportunities !
And depending how well you “ overcome the unknowns and Do The New “ or “ continue with the familiar and Ride the Status Quo “ – will determine the future – yours and your organization.
To learn about preparing for the future by developing the mindset to innovate for impact, see – www.cail.com/BI
Nov 23, 2021 Fortune / CAIL Innovation commentary info@cail.com 905-940-9000