There is real potential for robots to be a part of the board of directors in the not too distant future. In fact, in 2014, a Japanese Investment Firm appointed a robot to their Board. The algorithm on the board was called "Vital". The question is, could automation make life easier for directors of the board?
Virtual was a computer program designed to sift through large amounts of data quickly which would help in the decision-making process for investments when taken to the board. Arguably at the time, this was somewhat of a publicity stunt. However, as we develop in the world of automation and robotics each year, it doesn't seem too far away from a potential reality.
Automation Benefits the Board of Directors
There are a number of advantages that automation can bring to the boardroom table. For one, it can help to improve efficiency and accuracy when it comes to carrying out tasks. This is because automation can eliminate human error from the equation. In addition, automation can also help to speed up processes, meaning that directors can get through their work more quickly.
Another advantage of automation is that it can help to improve governance. This is because automation can provide a level of transparency and accountability that may not be possible with manual processes. In turn, automation can also help to reduce the risk of fraud and corruption. Once you take the emotions of humans out of the equation, you can gain some significant benefits. Especially when so many board decisions can be swayed by human emotion.
One thing that automation really benefits is any sort of rigid framework. Board of Director meetings is surrounded by frameworks and rigidity. Significant amounts of logging, recording, reporting etc are all involved with the planning and execution of board meetings. Therefore, it is an environment in which an automated process would really thrive.
Finally, automation can also help to improve communication between directors. This is because automation can allow for real-time updates and alerts, meaning that directors can stay up-to-date with what is happening in the company in a more efficient manner. The process of arranging the board meeting and tracking important processes related to the board meeting can all be automated.
Overall, automation can offer a range of benefits to the board of directors. Automation can help to improve efficiency, accuracy, speed, communication and governance. In addition, automation can also help to reduce the risk of fraud and corruption. As such, automation could make life easier for directors of the board in the future.
We are certainly at a stage where automation can aid the board of directors. Whether or not we should add robots to the board of directors like the Japanese Investment Firm is another story. Perhaps this could become commonplace in the not too distant future?
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