Technology is now integral to every organisation’s Business Strategy, mandating that Boards understand IT Strategy and be well informed about developments in technology and trends to make the right decisions for their companies. This information comes from their internal IT functions led by CIOs as well as external advisories. To survive and thrive, the Board and CIO need to jointly set agenda, priorities, investments and pace of the IT function and monitor progress in real-time, performing interventions and course-correct when environment and conditions change.
“In a survey of corporate directors, more than half said their boards had at most one technology-related discussion a year. Almost half of the survey respondents indicated that this level of attention was insufficient.” McKinsey
But there’s the problem of time: most boards have about six to eight meetings a year and are often hard pressed to get beyond compliance-related topics to secure the breathing space needed for developing strategy.
“The typical company’s senior executives spend less than three hours a month working together as a team, and usually less than three hours discussing strategic issues.” Bain
Xirocco gives CEOs, Boards, and business leaders the opportunity to be in the driver’s seat, jointly with the CIO, in control of IT’s mission, priorities, execution and costs through robust understanding of how technology is advancing, and hindering, the business.