![]() Our panelists talked about how the new generation, starting with Gen Z, is already fully digital. The best innovators, she believes, are people at the counters - and not just when it comes to coffee, food, and customer services, but also in improving the work experience for baristas themselves. Mellody Hobson, CEO of Ariel Investments, Chair of the Board at Starbucks, and a board member of JP Morgan Chase, told the audience that she has done just that by going straight to Starbucks stores. Boards that see potential in these technologies - unique to their companies’ mission and purpose - don’t just vote up or down, said one session leader, they are “visioning.” That means having actionable discussions about how they can lean into these technologies immediately and use them to reorient business and operating models toward growth and productivity. ![]() But the response was telling: How can board members keep up? Board leaders must consider emerging technology platforms that were barely in existence before the pandemic: AI, the metaverse, advance language models. When the audience was asked how many of them felt like they were experts in AI, they erupted in laughter. Following are four lessons learned through these discussions. In a series of panel discussions, networking opportunities and high-profile keynote addresses, the summit explored how critical it is for directors to gain experience with fast-moving technologies directly, what investors and other stakeholders expect from the board, how leading companies are embracing innovation in times of uncertainty, and the importance of innovating with purpose and principles. The 2023 EY Board Strategy Summit welcomed more than 100 board directors and business leaders to talk about innovating for the future in the face of rising inflation, geopolitical crises and rapid digital transformation - all hastened by the emergence of generative artificial intelligence (AI), the metaverse and other disruptive platforms.
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