Corporate governance for trillion dollar opportunities
Open Access
- 21 December 2017
- journal article
- Published by Virtus Interpress in Corporate Board: role, duties and composition
- Vol. 13 (3), 19-27
- https://doi.org/10.22495/cbv13i3art2
Abstract
Boards of Directors will have to play a key role in the technological survival and development of companies by asking corporate executives about their plans and strategies for these emerging technological changes and challenges. Key challenges and opportunities discussed in this paper, with corresponding corporate governance implications, included Big Data, Artificial Intelligence (AI) with Industry 4.0, AI with the Internet of Things (IoT), Deep Learning, and Neural Networks. Survival should not be the goal, but it may be the necessary first step for today’s companies. Potential winners seizing these trillion dollar opportunities will be company executives and Boards of Directors who can incorporate these technological changes into specific new business models, strategies, and practices. While the awareness on boards regarding risks originating from disruptive innovation, cyber threats and privacy risks has been increasing, Boards of Directors must equally be able to challenge executives and identify opportunities and threats for their companies. This shift for companies is not only about digital technology but also cultural. How can people be managed when digital, virtual ways of working are increasing? What do robotics and Big Data analysis mean for managing people? One way to accelerate the digital learning process has been advocated: the use of digital apprentices for boards. For example, Board Apprentice, a non-profit organization, has already placed digital apprentices on boards for a year-long period (which helps to educate both apprentices and boards) in five different countries. Additional plans and strategies are needed in this age of digitalization and lifelong learning. For example, cybersecurity risks are magnified by all these new technology trends, such as Big Data, AI, Industry 4.0, and IoT. Accordingly, the main findings of this paper are analysing the challenges and opportunities for corporate executives, Boards of Directors, and related corporate governance concerning the driving force of Big Data, Artificial Intelligence with Industry 4.0, Artificial Intelligence with the Internet of Things, Deep Learning, and Neural Networks.Keywords
This publication has 8 references indexed in Scilit:
- Metaheuristic design of feedforward neural networks: A review of two decades of researchEngineering Applications of Artificial Intelligence, 2017
- Data Analytics for Internal AuditorsPublished by Taylor & Francis Ltd ,2017
- Design Principles for Industrie 4.0 ScenariosPublished by Institute of Electrical and Electronics Engineers (IEEE) ,2016
- Corporate Governance and BlockchainsPublished by National Bureau of Economic Research ,2015
- Deep learning in neural networks: An overviewNeural Networks, 2015
- Epilogue: Leaving the Garden Already? Here Are a Few Things I Hope You Take AlongPublished by Edinburgh University Press ,2015
- Deep Learning: Methods and ApplicationsFoundations and Trends® in Signal Processing, 2014
- E-Commerce and Electronic Payment System Risks: Lessons from PaypalSSRN Electronic Journal, 2013