It is becoming imperative for businesses to utilize new technologies to share information and to enhance communication at the corporate level.
New innovations in communication engagement methods amongst board members are allowing boards to share information amongst their own members, as well as management teams and shareholders, in an effective way. Through a technological portal, the information shared is able to become easily distributed.
Robert Marese, the Managing Director at Mackenzie Partners, Inc. gives his insight on how effective it is for boards to use these information portals, and how they are allowing for engagement in a fashion that advances their interests while benefiting the management team, shareholders and the company.
“I think the information portals have cut down on a lot of problems,” says Marese. “Certainly these are secure sites, but sometimes if the board members are traveling, or they have no access to any connectivity, there can be difficulty in accessing the materials.”
Staying connected through a web-sharing process is becoming the essential norm in information sharing. Unfortunately, there are communication barriers for those who have not capitalized on new technological advances.
“Boards also sometimes [have] board members who have a lack of technical sophistication, which can impede their access to the portals,” says Marese, “but I think overall the electronic sharing of information between board members has been positive.”
Electronic sharing has proven time again to be a useful resource, but even more important is being able to utilize the new trends in communication engagement.
“Speaking broadly, the better the exchange of information between the board members themselves … and the management team, the more effective the board is in conducting their duties and responsibilities,” says Marese. “The lack of engagement with board members themselves and the management team can create problems in conduct and execution of business plans, and can also lead to general dysfunction because of the lack of information sharing.”
As boards look to stay on top of new trends in communication, old ones begin to fade. Communication methods like paper sharing are now becoming a thing of the past due to their lack of efficiency, especially as more people in the workforce begin to telecommute. The natural line of communication would progress to some form of information sharing that reflects the workplace dynamic.
“I think more of the info that boards and management share with each other, and their own members, is going to be digitized,” says Marese, “and certainly as a society in business we are moving towards becoming a paperless world, and that trend will continue towards becoming a digitize world.
“I see no reason why it would not continue, but it is hard to predict what the evolution of technology will be like … in one, three or even five years. It will be interesting to see that evolution, as bright minds figure out what new technology to use and how it can evolve.”