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The Link Between Technology and Governance
June 8, 2023
With the rise of the digital age, technology has become a major concern for corporations and a recurring topic for their boards that need to make informed governance decisions. Legal Operations provides not only the information the board needs but the technological advancements, process innovation and improved automation required for governance, as well as implementation of governance operations. Deloitte’s Tech Trends 2023 Report shows how the changing technology landscape is being driven by six macro-level innovational and foundational forces: Innovations in interaction, information, and computation have shaped every technology change. The business of technology, cyber and trust, and core modernization are the foundational forces underlying these innovations. Together, these forces can serve as guideposts for the way technology trends are shaping stakeholder expectations with regard to governance.
Technologically informed governance can help both mitigate risk and enhance a company’s competitive advantage. A growing body of evidence shows a link between proactive technology governance strategies and performance. For that reason, technology trends are likely to remain at the top of the board’s agenda for 2023 and beyond. Regardless of the challenge — the information the board needs as well as the technological advancements, process innovation and improved automation required for governance — the coming years may require a fundamental reframing of technology issues. The benefits of such reframing could foster a more agile and forward-looking governance culture.
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