According to a research by Liberty Mutual, 53 percent of extension ladder accidents result from the ladder moving. Given this alarming statistic, the company has advised people to ensure that a ladder’s feet are firmly supported on the ground before climbing it.
Liberty Mutual is talking about literal ladders, but we can take the advice and apply it to C-suite leadership. Corporate boards are encouraged to climb the ladder but they have to make sure the ladder’s feet are planted solidly on the ground. In other words, corporate boards should take risks, but only if those risks have already been properly assessed and evaluated, and only if there’s something their companies can fall back on.
Directors Taking Risks
Risk-taking eventually does lead to innovation and maybe even disruptive technology, but risk management helps prevent a major crisis from happening. Some risks should be avoided while others should be embraced. The secret to success is knowing which is which. It’s then evident that with the pressing need for companies to become more adventurous and be innovative, they have resorted to the use of technology to help with their operations and performance.Â
This is especially true with the use of collaborative technology as it’s very critical for directors to work closely with one another to assess and evaluate risks in an effective manner.
Board Portals: Technology for Collaboration
One such collaborative technology that is a good way to bring directors together is through the use of a board portal.
Board portals are software that helps board directors hold secure digital board meetings and receive their documents electronically on their own devices. It allows them to work together remotely, going through their board documents and holding their board meetings.
Using that board portal system, all members of a board can collaborate and discuss meeting documents wherever they are and whenever they want as long as they have any mobile or tablet device on hand.
Innovative Technology for in the Boardroom
It’s hard to imagine before that boardrooms and board meetings used to include hundreds, if not thousands of sheets of papers. As being the decision-makers of the organization, boards need lots of data to be able to make the right decision.
Using a board portal, it effectively disregards the need for thousands of pages of documents, and collapses the need for directors to only just have their mobile devices on hand to hold their board meetings. That is an innovative risk that companies are now doing moving forward.