The question isn’t how technology is changing boardrooms—it’s more about how technology isn’t changing them. Across every level of boardroom operations, technology is making an impact, and today’s boards must be fully aware of how it’s reshaping governance, decision-making, and strategy.
1. Digital Transformation and Regulatory Technology
One of the most significant trends is the increasing adoption of RegTech (regulatory technology) within boardrooms. Many boards are now using board management software to streamline the handling of documents, board papers, meeting minutes, and communication. This shift allows for a more efficient, transparent, and professional approach to managing board meetings.
The benefits go beyond just convenience. With this software, we’re seeing an almost blockchain-like effect where every decision is clearly documented—who made it, when, and how. This transparency helps ensure accountability and facilitates more robust governance, even for smaller boards with turnover under $3 million. Technology is levelling the playing field, making it easier for boards of all sizes to adopt more sophisticated management practices.
2. The Rise of Virtual Board Meetings
The COVID-19 pandemic forced everyone to shift quickly to virtual board meetings, and many boards are now more comfortable with this format. Virtual meetings allow companies to access the best talent without being restricted by geography. Gone are the days when a board had to be physically gathered in a Sydney boardroom to conduct business effectively. Today’s boards, particularly in the not-for-profit space, are more flexible, allowing members to dial in remotely, saving time and resources.
That said, the move towards virtual meetings does bring up some sensitive issues—particularly around recording meetings. While virtual board meetings have become more common, individual boards will need to navigate questions around when to record meetings and how to handle in-camera sessions. It wouldn’t be surprising if, over time, board meetings were regularly recorded for transparency purposes, but clear guidelines will be necessary for how recordings are managed, stored, or destroyed after minutes are created.
3. Artificial Intelligence in the Boardroom
Artificial intelligence (AI) is rapidly becoming a key tool in boardrooms, particularly for organisations looking to pursue growth, competitive disruption, and strategic innovation. Boards are using AI to create alternative viewpoints and challenge their thinking. AI tools can serve as a type of business strategist, helping boards explore different lenses and scenarios to improve decision-making.
AI also plays a growing role in risk management, from tracking financials to liaising with accounting and legal firms. Boards are starting to see the benefits of using AI to manage and mitigate risks, helping them stay ahead of potential issues in an increasingly complex environment.
4. Ethics, AI, and Risk Management
Alongside AI adoption comes the need for boards to consider the ethical implications of these technologies. As AI becomes more integrated into decision-making processes, board members must be prepared to ask difficult questions about its impact. Teams may rush to implement AI solutions, but boards need to pause and consider the ethical risks, particularly around privacy, bias, and accountability.
The challenge for board members will be to stay current with emerging technologies while remaining vigilant about the broader ethical and strategic implications. AI, like any powerful tool, requires careful oversight to ensure it’s being used for the long-term benefit of the organisation.
5. A Tech-Driven Future for Boardrooms
The technology revolution in boardrooms isn’t slowing down. From virtual meetings and RegTech to AI-driven strategies, technology is reshaping how boards operate, make decisions, and manage risks. As a result, board members must stay informed, ask the right questions, and maintain a proactive stance toward adopting and overseeing these technologies.
Ultimately, board members need to remain comfortable and confident with technology’s role in governance, while also being cautious and deliberate in its implementation. In this fast-evolving landscape, boards must ensure that technology serves to enhance governance, decision-making, and ultimately, the organisation’s long-term success.