Innovation in the boardroom is vital to the future of businesses today. These rooms are where the most important decisions are taken that affect the people who work for an organization, the shareholders who own its shares and even the economy. If boards wish to foster innovation, they must modify the way they take their decisions and utilize the resources available to them.

Boards are already considering ways in which technological advancements can enhance and speed up their work processes. For instance, moving tables and chairs as well as power sockets and high-speed internet are all important factors in creating an environment which encourages brainstorming and creative thinking. Boardrooms can also be updated with interactive displays such as the ones made by Avocor, which seamlessly connect to video conference software and allow board members to collaborate on their screens in real-time while they write notes and mark up documents.

To ensure that innovation is balanced and governance, boards must cultivate a forward-thinking mindset and ensure that initiatives to innovate are in line with the company’s goals and risk tolerance. They should also adopt a culture of continuous learning and keep up-to-date with new technologies and regulatory changes, as well as best practices and societal expectations.

The key to fostering innovation in the boardroom is valuing diversity and encouraging open communication. A diverse and inclusive group of directors will be able to explore new avenues for success and help foster a sense accountability, which is essential to navigate the global megatrends. Investing in innovation within the boardroom is an excellent way for directors to develop their leadership capabilities and prepare for the future.