Develop Foresight

In an environment of rapid technological change, boards need to adopt an explorer’s mindset, becoming curious and asking the right questions at the right times to help management test assumptions and, if needed, chart a new course. Boards need to partner with management to jointly discover the possibilities of over-the-horizon technologies. This report defines foresight as the ability to see around corners, understand which nascent technologies could challenge existing strategies, consider alternatives, and work with management to plan new investments.

Recommendations to develop foresight include a robust process to integrate technology considerations into strategy development, the use of exploratory discussions as tools to consider different scenarios and developments, and effective board calendar and agenda management.