Partner Spotlight:
Kumar Parakala
President, GHD Digital
What are some developing issues your business thinks board directors should be prepared for?
- The accelerated impact of digital technologies and new technologies, in particular artificial intelligence (AI) and cybersecurity, is going to be a major disruptive force that will change the way people live and work.
- New AI technologies are evolving at an exponential rate and create multiple opportunities for businesses. Board directors need to recognize the potential for these technologies to drive innovation, enhance competitiveness, and create value. They need to be very conscious of emerging trends and how these will impact their businesses.
- AI will be ubiquitous, impacting every aspect of our lives. Ensuring the use of AI remains safe, secure, and fair will be a major challenge for board directors.
What are your top three tips for directors to ensure they are well-prepared for tomorrow’s challenges?
- First and foremost, become aware of the impact of the rapidly evolving landscape of new and emerging technologies on their business—board directors have a personal responsibility to understand these developments rather than rely on the executive for briefings.
- Understand how technologies will impact business strategy. Focus on how technologies like AI can drive innovation, enhance competitiveness, and create value in line with long-term goals. Encourage experimentation with new technologies, including cross-functional collaboration and partnerships with start-ups and research institutions.
- Ensure the latest frameworks and processes are in place to capitalize on new technologies and manage risks—this is an ongoing exercise. Establish clear guidelines aligned with organizational values that address issues such as data privacy, cybersecurity, algorithmic fairness, transparency, and more.
What are three ways your business can provide value for board directors?
- We provide insights into the ever-evolving landscape of digital technologies to help clients navigate, transform, and create new business value.
- We co-create strategies and help execute them using various innovative tools, methodologies, and strategies.
- We proactively identify risks and help manage and mitigate them in digital transformation journeys.
What’s your favorite business-related podcast or book?
Power Vs. Force: The Hidden Determinants of Human Behavior by David R. Hawkins
What’s your favorite way to foster meaningful connections with others?
I’m genuinely interested in others and engage with them with respect, openness, and a desire to learn. To build trust, I believe listening to others, understanding their aspirations and interests, and supporting them are really important.
What does your ideal day look like when you’re not working?
Playing in a band and reading a book. I’m very passionate about music. I recently joined the board of an organization called Musical Bridges Around the World, which helps make art accessible for all. I am keen to support artists to maximize their potential. I also participate in musical performances as a vocalist.