Future tech: Unprecedented opportunities and threats

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Future tech: Unprecedented opportunities and threats As much as technology has already impacted today’s organizations, it is only a prelude to what is to come thanks to a handful of technologies that are now collectively giving rise to what is being called the fourth industrial revolution. Board members who previously constrained themselves to provide oversight, guidance and accountability to ensure the companies they counsel conduct themselves both responsibly financially and appropriately ethically, are increasingly finding they have new responsibilities.

In the article, “Future tech: Unprecedented opportunities, unrivaled threats” published in the September/October 2018 issue of NACD Directorship, JT Kostman, Grant Thornton managing director, Applied Artificial Intelligence, describes the five key forces that will forge the future — artificial intelligence, blockchain, cybersecurity, hyper-connectivity and symbiotech systems.

“We are entering a new era in which, in addition to audit, finance, and compensation committees, boards will be expected to ensure the organizations they oversee are sufficiently tech savvy,” Kostman explains. “While in the past technological considerations were treated as operational choices best left to leadership, they have now become existential issues that ultimately determine the viability of the enterprise.”

By increasing awareness of how key technology forces will impact the companies they oversee, board members will be able to ensure their organizations are better able not just to survive but to thrive in the impending tech revolution.