Technology and Digital Acceleration on the Board Agenda

Prior to the pandemic, most corporations were focused on technology and digital transformation. The pandemic has, however, added a heightened level of urgency to how boards and management view technology and digital capabilities. No longer is technology considered an enabling function or a source of cost advantage — it is a critical strategic differentiator and a key business driver.

This point is reinforced by a recent McKinsey report, which found that 68% of companies were modernizing or investing in core technology capabilities to make technology a competitive advantage. In a similar vein, the survey found that over a three-year period from 2017 to 2020 there was a five-fold drop in technology being viewed as a cost driver.

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