On Thursday, August 29, 2024, from 8:00 to 9:30 CET, Boards Impact Forum hosted a webinar and peer exchange event titled “Ecosystems & Data for Boards.” This session, part of the ongoing program “Boards Oversight of Responsible AI for Value Creation”, brought together:
Speakers and Panelists:
• Tuomas Syrjanen, CEO of Futurice, NED at Taaleri, Vaisala, WithSecure, and Flow Technologies
• Anna Mossberg, NED at Swisscom, Volvo Cars, Orcla, Ringier, and Swedbank (absent due to personal reasons)
• Liselotte Engstam, Chair of Boards Impact Forum, and NED at listed and private companies
The event was moderated by Fernanda Torre, Operations Director at Boards Impact Forum.
Table of Contents
Key Discussion Points
- Data as a Strategic Asset – The session underscored the imperative for boards to recognize data as one of the most valuable assets within an organization. Despite its significance, many boards have yet to establish robust governance structures around data management.
- The Role of Ecosystems in Innovation – Speakers explored how digital ecosystems can drive innovation and value creation. The conversation emphasized that:
- Effective ecosystem management requires balancing innovation with data privacy, security, and regulatory compliance.
- Boards should actively evaluate and strategically align with partners within these ecosystems to co-create value.
- Engagement with stakeholders—including partners, customers, and employees—is crucial for successful ecosystem participation.
- Generative AI’s Impact on Business Data and Ecosystems – The advent of generative AI presents both opportunities and challenges for organizations, namely:
- How generative AI technologies can transform traditional business models and operational processes.
- The necessity for boards to stay informed about AI developments to provide effective oversight and guidance.
- Strategies for integrating AI in a manner that aligns with the company’s strategic objectives while mitigating associated risks.
Insights from Tuomas Syrjänen
Tuomas Syrjänen provided valuable perspectives based on his extensive experience in technology and board governance:
- Technology as a Business Issue: Syrjänen stressed that data and AI should be considered core business topics rather than purely technological concerns. Boards need to integrate these elements into their strategic discussions to drive meaningful business outcomes.
- Avoiding the “Old Ways” Trap: He cautioned against merely applying new technologies to outdated processes, which often leads to suboptimal results. Instead, organizations should rethink and redesign their operating models to fully leverage technological advancements.
- Industry Transformation Examples:
- In the construction industry, leveraging data for real-time insights led to significant reductions in project cycle times and improved efficiency.
- In automotive and retail, aligning data across departments enabled better decision-making and enhanced customer experiences.
- Aligning Ambition and Managing Change: Boards must align with management on the organization’s ambition level concerning data and AI initiatives. Syrjänen acknowledged that transformation is challenging, often requiring a shift in culture, processes, and mindset.
Conclusion & Key Takeaways for Board Directors
The Ecosystems & Data for Boards webinar underscored the crucial role board directors must play in the responsible oversight of AI and data strategy. Directors were encouraged to approach these topics not just as operational or technical issues but as core business drivers that can significantly influence competitive advantage and future growth. The event highlighted the need for proactive governance, strategic alignment, and a forward-thinking mindset to navigate the challenges of AI and data ecosystems effectively.
- Strategic Alignment: Boards should ensure that data and AI strategies are integrated with the overall business strategy, setting clear objectives and KPIs.
- Proactive Oversight: Regular engagement with management on data-related initiatives, including live demonstrations and progress reports, can enhance oversight effectiveness.
- Risk Management: Understanding the risks associated with data privacy, security, and regulatory compliance is essential. Boards should balance these risks against the potential benefits of innovation.
- Stakeholder Engagement: Effective communication and collaboration with stakeholders are vital for successful adoption of data and AI initiatives.
Attendees left with actionable insights on how to engage with their organizations’ data strategies, leverage ecosystems for innovation, and ensure their boards are equipped to guide their companies through the complexities of the digital age.
About Boards Impact Forum and the blogpost
Events arranged by Boards Impact Forum in collaboration with World Economic Forum (Non Profit Board Network, partnering with Board Networks , INSEAD Corporate Governance Centre, Digoshen and Next Agents )
This blogpost is also shared at the blog of of Digoshen, www.digoshen.com.
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