Boards Are The New Digital First Drivers
In today's digital-first world, boards play a critical role in ensuring their organization stays ahead of the curve. As digital technologies transform industries, boards must focus on improving their skills and agility and increasing the enterprise's ability to respond quickly to disruption.
One of the keys to staying ahead of the curve is ensuring employees have the necessary skills to adapt to new technologies and ways of working. This requires implementing or enhancing agile learning practices and defining different rules and practices for crisis operations. Boards can encourage and support these efforts by providing resources for upskilling and reskilling, encouraging cross-functional collaboration, and promoting a culture of continuous learning.
Boards should ensure that they understand the organization's risk profile and that appropriate risk management processes are in place. With digital transformation comes increased risk, and boards must check whether their enterprise's risk appetite has changed recently. This involves discussing it with the CEO, who will likely reassess the organization's risk stance for its post-pandemic strategy.
Effective management of digital investments is critical for success in today's digital-first world. Boards can improve the management of their organization's portfolio of digital assets by implementing practices such as agile budgeting, defining more-accurate metrics of digital progress, and shifting digital initiatives from capital to operating expenditures. By doing so, they can ensure that digital investments align with the organization's strategic objectives and are deployed efficiently.
So.... In a nutshell, boards play a crucial role in driving their organization's digital-first strategy. By improving skills and agility, validating risk, implementing business practices, and managing business and digital, they can ensure that their enterprise stays ahead of the curve and continues to thrive in the digital age.
Do you have knowledgeable digital people on your Board?
In Togetherness, We Thrive. Wallem Group Business Development and Marketing Director / Gallup-Certified Strengths Coach.
2 年They have always been … the speed, effectiveness and impact on society of the digital evolution depends on their drive.