More technology expertise needed in company boardrooms

A point recently made by the chief technology officer of a major global company to this paper, that every enterprise is now a technology company which happens to be in a certain area of business - be it banking, logistics, construction or any other sector - can be considered a bit of a hyperbole from a passionate technologist.

But the broader point remains: technology is disrupting all industry verticals with dramatic consequences. A classic example of this is the financial services industry where fintechs (financial technology companies) are changing the rules of the game for established banks and insurance companies by using technology to bypass the need for scale. They have acquired some of the most profitable customers within the vertical; in other cases they are reaching out to large sections of the unbanked population in Asia. Progressive banks, such as Citibank, DBS and others, are scrambling to cope with what is known as "coopetition", a combination of cooperation and competition, with fintechs. At the same time, new technologies such as blockchain, derived from the Bitcoin movement, are in the process of completely changing the traditional ledger system used by banks. Similar examples exist in other industry verticals.

Are companies prepared for this kind of technological challenge? It is not just an issue of hiring more engineers or software experts, though that is important. The key question is, do company leaderships and boards have the kind of expertise to understand the disruptive impact of technology and chart a strategic course of action? Are there sufficient technologists in leadership positions to guide the company through the maze of technological changes that are taking place?