"The Importance of Digital Expertise in Board of Directors for Organizational Success"

Many boards of directors may not prioritize digital transformation and may not allocate sufficient time and resources to address digital concerns, which can hinder the organization's ability to remain competitive and adapt to changing market conditions. With the rapid pace of digital transformation, it has become essential for organizations to have a board of directors with digital expertise. However, many boards still lack digital experience, which poses a challenge for organizations to navigate the challenges and opportunities of digital transformation. The board can evaluate its current composition and assess digital expertise levels before identifying the necessary digital skills and expertise for recruitment. Existing board members can also receive digital training and education. Transitioning the board to include more directors with digital experience is essential for organizations to navigate the challenges and opportunities of digital transformation. Building a strong personal brand on LinkedIn and YouTube can help board members establish thought leadership, expand their network, and communicate the organization's vision and values. To remain competitive in the digital age, boards can prioritize digital topics by dedicating a specific part of each meeting to discuss digital issues, ensuring sufficient time for analysis of digital trends, risks, and opportunities. This is crucial as technology plays a critical role in sustaining both profitability and sustainability for organizations, from reducing costs and improving productivity to developing new revenue streams and adopting sustainable practices while managing risk and compliance. In order for organizations to successfully navigate digital transformation, boards of directors must prioritize digital expertise and allocate sufficient time and resources towards addressing digital concerns. This can be achieved through recruiting directors with digital experience, providing digital training to existing board members, and prioritizing digital topics on the agenda.

Author : Mansi Y Thakkar

Category:?Family Business

Directorship:?All Directorship