Feelings of jubilation, relief…and exhaustion are overwhelming me this week. If you’ve been following along the last few weeks, you are probably very well aware as to what I am referring to but for those just joining in now – I am delighted to share our 2021 State of the Market Global Report. It has been a labour of love from our Global Research Council and worth every minute.
Released in 2019, the first edition of the State of the Market Global Report provided a world-leading insight into the evolution and formalisation of Advisory Boards. Over the past two years, we have continued to research the sector – tracking Advisory Board usage, participation by professionals and impacts for organisations.
While the global pandemic created shifts in Advisory Board engagement and organisational focus, the benefits of continuous research into the sector gives us a longer lens with which to view the data. Global uncertainty and volatility are contributing factors to both the rise of Project Advisory Boards and the economic migration of expatriate professionals. Since 2019, there has been a 52% increase globally in organisations utilising Advisory Boards as part of their governance structure.
Growth remains the most common strategic priority for organisations seeking an Advisory Board. However, the methods for sustainable growth have changed. This is where the relationship between good governance and high growth potential comes into focus. Exploring and understanding this relationship sits at the very heart of the Global Research Council mandate.
The impact of Advisory Boards is an ongoing study within the Global Research Council. This report provides new insight into the Business Confidence Index and the positive impacts Advisory Boards are making. However, understanding “Business Confidence” is complex and an area for continued study.
The State of the Market Global Report provides an unbiased view of Advisory Boards to organisations, professional advisors that are engaged in the sector, and the wider support eco-system. As business owners, leaders and directors face increasing scrutiny from consumers, shareholders and regulators, ethical engagement and best practice must form the foundation to good governance with Advisory Boards.
It is good to see optimistic voices within the sector continue to shine through. The ambitions and aspirations of business owners to build quality organisations are being matched by the motivations of advisory professionals to deliver value and impact. As this report has identified, across the globe, corporations are fortifying their corporate governance structures with fit-for-purpose Advisory Boards.
On behalf of the Advisory Board Centre and the Global Research Council, I am pleased to provide you with the latest edition of the State of the Market Global Report. I encourage you to connect with us and share your experiences as part of this impactful, global advisory community. Soon our new online member’s platform, Advisory Board World, will be open which will enable our community to connect like never before.
Download a complimentary copy of the report here.