Metaverse, Board of Directors, Net Zero & NFT: bridging the gap
Strategic thinking is necessarily transdisciplinary. But putting transdisciplinarity into action requires knowledge identification, absorption and practical application. When a discipline that influences corporate strategic thinking is unavailable, organizational exposition to risks increases. The long-term success of any business requires continuous transdisciplinary thinking that bridges the gaps between diverse corporate knowledge. Today, most organisations must develop a body of knowledge that promotes digital literacy, including their board members.??
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1. CONTEXT?|?In a recent study with 600 board members entitled "The Great Board Reboot ", the Financial Times has concluded how to get the best out of strategic thinking and people in their organizations. These conclusions include expanding the network of contacts, greater diversity in the composition of councils, embracing change as a central element of the strategy, and updating their knowledge to produce relevant insights.
The study exposed the most significant strategic challenges faced by the board. It includes adapting the organization to a new business/operating model (e.g. Digital Transformation) and facing increasing business risks (e.g.?Climate Change and new ESG metrics).
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2. NET ZERO and DIGITAL TRANSFORMATION | A report published by the New Climate Institute analyzed 25 big companies. They found that the goals related to 'net zero' in carbon emissions are vague and embed false promises. One of the main problems of companies such as Apple, Google, Vodafone, Walmart, Vale and JBS is the inconsistency of plans to decarbonize emissions in the upstream and downstream supply chain. These emissions make up most of a company's carbon footprint, accounting for an average of 87% of greenhouse gas emissions.
The maritime carrier Maersk was the only company whose plans were considered "reasonably wholesome". Not coincidentally, Maersk has an already long history of digital transformation, with solid initiatives linked to blockchain and artificial intelligence. More agile, efficient and reliable processes reduce the consumption of resources such as energy, fuel and water, people's time and the possibility of a better decision-making process.
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3. STRATEGIC KNOWLEDGE | The FT report (see item 1) pointed out the main changes that should occur in the next two years, including more emphasis on appointing board members from outside the organisation’s sector and more frequent reporting on a wide range of topics. In this environment, the 600 board members have signalled that key knowledge gaps are associated with digital technologies and emerging competitors, many of them digital natives.
Transdisciplinary thinking requires bridging the gaps between ESG, digital transformation, and corporate strategy.
McDonald's journey started in 2015 when the board of directors initiated a composition change that culminated with the acquisition of Israeli IA company in 2019 for US$ 300 million. This week McDonald's has filed a trademark for a restaurant in the Metaverse that will deliver food to your home. According to Josh Gerben, a trademark lawyer, "You are hanging out in the metaverse and get hungry. You don't have to put down your headset. You walk into a McDonald's and place an order. It arrives at your door a little while later".
How will companies use?NFT to promote?the "S" of ESG or move towards Net Zero goal? Any comment?
The long term strategies of companies such as McDonald's, Nike, Gucci, Microsoft, Crocs – not to mention Meta (former Facebook), are now closely associated with future metaverse-based business models. But the concept of Metaverse is not a stand-alone tech solution – it requires an ecosystem supported by multiple technologies embedded in a well designed customer-centric platform business model.
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4. CUSTOMER-CENTRIC PLATFORM BUSINESS MODEL?|?Successful business-oriented Metaverse ecosystems will combine many technological solutions that enable customer-driven experience through multiple services and products.
The technologies include machine learning, digital twins, robotic process automation, blockchain & smart contracts, augmented reality, virtual reality, data analytics, 3D printing, ITS (Intelligent Transport Systems), not to mention all. If correctly connected and used, these technologies shall enable the right customer experience inside the digital platform and outside, streamlining the customer journey in the real world.
Additionally, business strategies find new frontiers in the Metaverse world. While the CFO needs to learn about cryptocurrencies, the CSCO will streamline orders placed in the Metaverse and deliver the goods at the customer's door. The CMO will enhance brand equity through NFT-based initiatives, with C2C transactions of digital assets such as images, sounds, spreadsheets, presentations, documents, videos, cryptocurrencies …
Think about it: how will companies use NFT to promote the "S" of ESG or to move towards Net Zero goal? Any comment?
This ecosystem will survive if they can deliver a bold value proposition to well targeted-customers. The mindset change begins with understanding the consumer's digital behaviour then promoting interactions (network effects) that generate high-value data. A near-real-time data processing architecture strengthens the ability to deliver individual-level offers.
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5. BRIDGING THE KNOWLEDGE GAP?|?Strategic thinking is necessarily transdisciplinary. But putting transdisciplinarity into action requires knowledge identification, absorption and practical application. When a discipline that influences corporate strategic thinking is unavailable, organizational exposition to risks increases.
Think about it: how is your company bridging the gap between the pieces of knowledge needed to support strategic thinking?
Today, most organisations must develop a body of knowledge that promotes digital literacy, including their board members.? The long-term success of any business requires continuous transdisciplinary thinking that bridges the gaps between diverse corporate knowledge?
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