The firmwide leaders group of the Managing Partners’ Forum meets on a monthly basis to explore key topics in a moderated roundtable setting. These take place from 8.15am to 10am at the offices of a member firm in the City of London or the West End. The same 20 or so CEOs meet regularly, so have formed a peer group which results in very open discussions.
Andrew will be presenting on the value of having a digital ambassador on your Board.
If strategy is the main focus of most Boards, technology is the key area for investment. 92% of professional firms are looking to increase their expenditure on technology in 2018 compared with 82% in 2017. Yet, despite firmwide leaders feeling very uncomfortable when signing off the technology budget, given its size and their lack of familiarity, almost no firms have appointed a digital ambassador to their Board.
Even when appointed, the extent to which a digital ambassador can make a difference is limited by: their ability to shimmy through the organisation; the constraints on the firmwide leader; the extent to which there is business expertise at the firm; and the extent to which the need for change is recognised and embraced.
The fundamental question is whether a Board is capable of taking and acting on advice. Currently, many appear incapable due to: simply not being professional in how they run themselves as businesses; or the firmwide leader enjoying influence but not power, and expected to change the way partners operate whilst retaining their vote.
Our presenter believes that appointing digital ambassadors is a catalyst for a more effective Board.
More information is available on the MPF website.