Boardroom innovation is crucial for the current success of companies. These rooms are where important decisions are taken that affect the people who work for an organization, the shareholders who own its shares and even the economy. If boards want to promote innovation, they need to change their approach to the way they make decisions and how they use the resources at their disposal.

Boards are already considering ways that technological advances can speed up and enhance their processes. Moving chairs and tables, power outlets, and high-speed wireless are all vital elements in creating a productive environment. Boardrooms can also be modernized with interactive screens like the ones offered by Avocor that connect to video software for conferencing. They allow board members to display their screens in real-time while writing notes and marking up documents.

To balance innovation and governance boards must cultivate an attitude of innovation and ensure that innovation initiatives are aligned to the organization’s goals and risk tolerance. They must also adopt a culture of continual learning and stay up-to-date with emerging trends in technology, regulatory changes, and best practices as well as societal expectations.

The key to fostering innovation in the boardroom is valuing diversity and encouraging open communication. A diverse and inclusive boardroom will be capable of exploring opportunities for growth and will provide a strong sense of accountability, which is crucial to navigate global megatrends. Making investments in innovation for the boardroom provides a chance for all directors to build leadership capabilities and prepare their companies for the future.