Lack of digital confidence at board level jolt to growth of organizations

The concept of digital is not deeply embraced by senior board members at some large corporations in Sri Lanka and lack of digital confidence at board levels hurts the growth of organizations to a great extent, leaving companies vulnerable to emerging threats.

Many senior board members at some large corporations still tend to focus more on traditional technological aspects rather than invest money in innovation and digital transformation.

Majority of Sri Lankan board members are senior, quite traditional individuals with a long career. Despite the fact that some large corporations started to embrace digital technologies many years ago, some senior members at board levels are still hesitant to adapt to digital age, Co-Founder and Chief Executive Officer of IronOne Technologies and BoardPAC, Lakmini Wijesundera told at a seminar organized by Sri Lanka Institute of Directors (SLID) in Colombo.

She stressed that board members need to better understand about today’s digital disruptions and the role of technology in enhancing long-term business growth.

“Technology is expensive, but it is important that you endorse and use digital tools at your organization to match the current business landscape,” she said.

Speaking at the event, Sri Lanka Institute of Directors (SLID) Chairman Preethi Jayawardena said, “Digital age is truly upon us. Big data, Could Computing, e-commerce, smart phone penetration and the explosion of social media means that the leaders of organizations must ensure, their organizations remain relevant, resilient and sustainable and in the best position to deliver their mission to achieve their long-term goals.”

He said the board has a role to play to recognize the importance of new digital era and its inclusion in the organization’s framework. Digital literacy is required to consider the impact that emerging technologies such as Artificial Intelligence (AI) data analytics will have on respective industries.

“Boards can’t allow their companies to sit down in a defenseless or vulnerable position waiting for the next chaos to happen; they should lead the company to digital age for greater change and should not to be feared of it,” Jayawardena noted.