Providing Your Board with the Right Information to Remain Competitive

Nicholas J Price

There's no shortage of news and information about business and the marketplace. In fact, corporate leaders have quite the opposite problem. They get inundated with so many articles, reports and other news that it's difficult to determine which are the most relevant and useful. Corporate leaders don't have the time to sift through thousands of articles to keep up with current topics and trends that matter to their businesses. And what they can't find, they can't learn about or share with others.

What board directors and executives need is a fast and easy way to stay current with the information that will help them run the company well, retain a competitive edge, reassure the shareholders and ensure long-term sustainability.

Governance has entered the modern era. It takes a modern approach to governance for companies to perform at their best. Advanced technology offers boards the ability to get more data than ever before. The challenge is in getting the right data at the right time to inform better decision making. Technology has a great solution for that, too.

Modern Approaches to Remaining Competitive

Having access to a hoard of data presents lots of opportunities. It also presents some new challenges. The question before today's boards is, how can they best use insights from the data so that they can convert it into action.

The answer has less to do with cost and more to do with innovation and motivation. As with doing anything new when making longstanding changes, board directors and executives are bound to face some degree of fear in doing things much differently than they've done them in the past. Using digital tools to get the right data forces boards to start asking different questions than they're used to asking. Because new tools give them new information, it also causes them to be more learning oriented and less reliant on experts.

The right digital tools will create the right kind of value. Technology is still advancing and bringing forth new solutions that make things even more confusing. One of the big issues that boards continue to wrestle with is data privacy. Companies today must consider how to protect their customers while harnessing the information they need to continue doing business. In some respects, companies now need to partner with their customers in such a way that customers perceive the exchange of information as having value for them.

Some companies are finding that the best way to use data is to start to focus on a particular outcome. In this way, the data informs other processes, such as structure, training, recruitment, etc. The right data set will provide insight on how best to drive business while interacting with the broader organization. Using data to focus on an outcome delivers value quickly and gets people revved up about new opportunities.

Having quality information is better than getting a quantity of marginally important information. The right data helps to target the issues that are most meaningful for boards.

Talent is something that can greatly differentiate how companies can maximize the potential of the data they receive. The right talent at a company will know how to find the right technologies and will actively seek out solutions to problems. To best take advantage of data, companies will need to continue to develop their internal talent for individuals who have the proper aptitude and interest. As employees develop their skills, they'll be able to tie them together with tools to maximize productivity. Some companies may find it particularly useful to look for employees who have a major in one area and a minor in another. For example, an individual who majored in IT and minored in Communications would be a valuable employee.

Personalized Governance Intelligence by Diligent Corporation

To reduce the confusion about what to read and how to get the most insightful and relevant information, Diligent Corporation developed a digital solution that brings the right information to board directors and executives at the right time. Governance Intel catalogs over 70,000 news outlets so that board directors can track everything from the companies and competitors to the topics and industries that are so vital to them and to their organizations.

People can use the tool to access and share business intelligence however they want — by using their mobile phone, by setting up automated emails, and by viewing dashboards, newsletters or finished reports.

Corporate leaders will benefit by being able to monitor corporate and industry news to identify market trends, sentiment scoring, risks and opportunities. One of the most popular features of Governance Intel is being able to fully tailor the setting to each person's needs and expectations by customizing the sources, volume, frequency and modes of consumption to maximize the software's potential.

Governance Intel provides corporate and market news all within one easy-to-use tool. The tool eliminates the barriers between open web news, subscription news and proprietary data. Board directors and executives will no longer have to wade through massive amounts of data. The tool automatically leverages artificial intelligence to quickly make sense of the business landscape and target the most important key insights, developments and trends. Having access to consolidated market research and competitor insights for the board and executives will enable better strategic planning. Corporate leaders can also use the tool to create custom reports and alerts based on corporate health changes and specific events.

Why Diligent Is the Modern Governance Market Leader

Diligent Corporation is a market leader in board management software programs that offer the right technology, insights and analytics to improve board governance and stay ahead of the speed of business. Diligent empowers board leaders and executives with the technology, insights and processes they need to govern, endure and thrive in today's digital age. Diligent's products are backed by the world's leading security standards with secure data centers located within your region or country.

Modern governance is how innovative organizations stay ahead. That means that modern boards have the technology, insights and processes to fuel good governance in today's fast-paced world.

With Diligent, boards can gain a competitive edge to improve governance by having the right information, analytics and insights to spot risks, act on opportunities and turn insights into action to be the best they can be.

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Nicholas J. Price
Nicholas J. Price is a former Manager at Diligent. He has worked extensively in the governance space, particularly on the key governance technologies that can support leadership with the visibility, data and operating capabilities for more effective decision-making.