Boards tasked on technology, innovation for business growth
For improved success, experts have advised that members must embrace technology, foster the culture of innovation, develop strategic plan and engage with stakeholders to provide valuable insights into their needs and expectations.
The experts said that by implementing the strategies, boards could create a culture of innovation that would ultimately lead to improved success for the organisation.
Chairman, Fidelity Bank Plc., Mustafa Chike-Obi, said this during new members induction ceremony by the Institute of Directors (IoD) Nigeria, where he spoke on ‘Smart Boards, Smarter Thinking: Innovating for Improved Success.’
Noting that innovation was essential for any organisation to achieve improved success, he said boards could leverage technology to streamline their processes, enhance communication and improve decision-making.
He said directors have the potential to play important roles in helping companies on their innovation journey.
According to him, one’s role as a director is to find out what you can do to help guide an innovation strategy from the starting position to final destination.
Specifically, he said the issue requires smart board members, who are able to provide innovative ways to ensure that firms achieve competitive advantage and enhance business growth, as well as development.
The theme, the bank chief, said was apt and relevant, as since the COVID-19 pandemic and the Russian-Ukrainian war, as well as the global adoption of increased Artificial Intelligence (AI), many organisations are struggling to improve performance and sustainability.
Chike-Obi, added that strategic plan could help the board to identify areas where innovation is needed and to set specific goals and timelines for innovation initiatives.
He advised that the plan should be revisited regularly to ensure that the board is on track and making progress.
Earlier, President and Chairman of Council, IoD Nigeria, Dr. Ije Jidenma, while felicitating with the new members, urged them to continue to uphold good corporate governance principles and be guided by the ethics code of the institute at all levels in their workplaces and in their business affairs.
She pointed out that their admission into the institute was both a call and a responsibility as directors into the global network of a responsible group of leaders that have committed themselves to be purveyors of corporate governance in their businesses and private lives, as well as have pledged to champion positive changes in their respective organisations and the Nigerian economy at large.
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