Technology Audits – When To Call For Independent Advice At The Board? Key Signs
- Dec 29, 2022
- 3 min read
Written by: Dax Grant, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
In today’s entrepreneurial technologically enabled world, CEOs of global and international organisations often ask ‘How do I know that my technology function is up to date? This is becoming a top of mind focus of boards of digitized businesses, alongside ESG and the inclusion and diversity question. Boards are increasingly asking “When do we need an external review?” The most advanced boards are utilising external advice in selected interventions to accelerate their business growth.
Organizations are often reviewing their technology approach and that’s when Global Transform is called in for an independent review. There are many ways to assess technology function maturity though here are a few indicative signs of when an independent view is typically sought:
There is a separate technology strategy distinct from the business plan.
Key indicators suggest that the focus of the strategy is speed, though when asked the leadership has no clear answer on why speed is a key tenant of the technology strategy
The technology leadership talks about the size of their budget though still requires a clear business-led plan
There is limited on-the-ground alignment with technology and the business line
Weighted focus on AI rather than through machine learning
These are a few of the factors that signal the requirement for a technology refresh. The need for an independent review becomes particularly essential where key review questions asked, create the same answers as previously heard or result in an evolutionary response.
The organisations that have remained leading edge beyond the pandemic have already spotted and addressed the position and focus within their technology function. This is an essential part of progressive leadership. Typically, organisations address with selective expertise to address the leadership gaps within the technology arena.
The nature and extent of the required review depends on a variety of key foundations that the technology function must have in place. In most cases. the groundwork is already in place ore adopted within 6-9 months of a technology executive being in place.
All important areas to address early in a leadership position rather than 12-24 months into appointing the technology lead.
The solutions…
Identified in good time the ability to put in place the appropriate action plan for your technology function is possible with an external advisor. The ability to lift the function strategically remains essential, the most effective external advisors provide sufficient advice and guidance to uplift the underpinning team and solve for leadership gaps, upskilling leadership where this is possible to do so. The range of interventions identified by top-performing FTSE and Fortune firms ranges from an independent audit, though to digitisation refreshes and implementation-based action planning. Equally there is an opportunity for individual leadership action planning for executives requiring bandwidth and support.
Success in boardroom interventions:
Enable a forward plan for the technology function aligned to the enterprise view
Have a clear alignment of technology and operations through direct leadership
Centred the technology function on enterprise IT risk management
Simplify the operating structure through strategic intervention
If you are maturing your technology function, the requirement for an independent advisor becomes key for organisations centred on a leading-edge technology function in service of the business. In on boarding a technology executive. the market best practice remains for external review at 6–9-month tenure. Reviews and guided interventions beyond this point are of course possible though subject to the sunk cost of previous decisions and a different trajectory of value optimisation.
Remember it’s the boards responsibility to know your business, maximise your technology and ensure quality results.
Dax Grant, Executive Contributor Brainz Magazine
Dax is a leading global authority on entrepreneurial c-suite leadership. As CEO, of Global Transform, Dax is a renowned Woman in Technology, accomplished keynote speaker and societal voice. Listed within the Global CIO 100, Cranfield School of Management 100 Women to Watch, Dax has significant expertise in leading global COO and CIO functions, an experienced NED and member of the Forbes Technology Council. As a Chartered Banker and Associate of the London Institute of Banking and Finance, Dax also holds an economics degree from Cambridge and MBA, Alumna of Cranfield Business School and Harvard Business School, Dax is recognized for her philanthropic activities, as a Fellow of the Royal Society of Arts.
