FEATURE
64% of boards have made efforts to significantly alter the enterprise economic structure to a more digital economic architecture Source: Gartner, 2022 Nearly half of consumers believe the organization providing or using the AI should be held accountable if AI goes wrong Source: Gartner 94% of directors said they felt they needed more training on new technology and governance best practices, just 58% reported receiving that training Source: Harvard Business Review
and design. Bringing that deep expertise to help their boards become more effective is one of the major ways we can create value for them.”
Fractal’s understanding of the operational insight needed to explore those questions comes from more than 20 years of working with hundreds of Fortune 500 companies to enable such transformations. This deep operational experience, coupled with a core belief in the value of sharing knowledge and learning from others, has created a flexible program that can be configured to board directors’ priorities and time availability. They may want a full-day program covering a range of tough questions in depth, for instance, or a shorter meeting where board members come together to discuss complex topics. Where C-level management grapples with a single hot topic – such as sustainability or ethics – a 90-minute roundtable is often the perfect format. “Sustainability and ethics are two prime topics that boards are struggling with today because of the changing nature of laws and regulations in the US, UK, Europe, China, and India,” said Shah. “We can also address other topics that are top of mind with directors, such as cyber risk and security, cyber insurance, and governance models across the organization. Metaverse is also gaining interest – for example, if companies follow PNG’s example and hire a chief Metaverse officer reporting to the CEO, those CEOs may want to attend a roundtable where they can learn about the subject.” This ability to respond to new challenges is crucial. Digital transformation is a journey, not a destination, and boards may need to re-examine goals and directions along the way. A program focusing on directors’ changing requirements may prove essential to deliver long-term value as new challenges and opportunities emerge. “Our board digital program is one of the many ways we create value for our clients across the life cycle of their transformation journey,” said Pranay. “We build long-term relationships with our clients and help them achieve complex goals using AI, engineering
Pranay Agrawal Co-founder and Chief Executive Officer, Fractal
“One of the greatest challenges for leaders in any industry is engaging their people to drive change rather than be run over by it,” said Mark C. Thompson, a world-leading CEO coach. “Transformation isn’t just about applying technology. It’s about driving change, growth, and a culture of value creation.” “To provide actionable ideas and insight that provoke a sense of urgency, along with the checks and balances to protect reputation and performance, boards must be able to connect their transformation vision with a spectrum of elements. These include company values and culture, market trends, analyst and customer sentiment, operational knowledge of how other organizations have achieved similar goals, and everything in between. The breadth and depth of knowledge needed might seem overwhelming. Still, a board program focused on helping the company explore its unique challenges should be able to deliver the laser-targeted insights and resources within a day or, for individual issues, hours.”
Deb Henretta Executive Advisor on Digital Transformation
Mark C. Thompson World-leading CEO coach
Sagar Shah Client Partner, Strategic Center, Fractal
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