BOARDS ENSURE DIGITAL VALUE-CAPTURE
Here are some techniques that the board can use to ensure that value capture occurs:
Setting clear goals and objectives: The board should set clear goals and objectives for the company that are aligned with its overall strategy, and regularly review progress towards achieving these goals.
Monitoring financial performance: The board should closely monitor the company's financial performance, including revenue, profits, and return on investment, to ensure that it is capturing the value it creates.
Reviewing pricing strategies: The board should regularly review the company's pricing strategies to ensure that they are aligned with the value the company creates and the needs of its customers.
Evaluating investments: The board should carefully evaluate all investments and initiatives to ensure that they are aligned with the company's goals and are likely to generate value.
Monitoring customer satisfaction: The board should regularly monitor customer satisfaction to ensure that the company is providing value to its customers and meeting their needs.
Encouraging innovation: The board should encourage innovation within the company to ensure that it is continually creating value for its customers and staying ahead of the competition.
Conducting regular risk assessments: The board should regularly conduct risk assessments to identify potential threats to the company's ability to capture value, and take appropriate measures to mitigate these risks.
Overall, the board plays a critical role in ensuring that the company is capturing the value it creates. By setting clear goals and objectives, monitoring financial performance, evaluating investments, and encouraging innovation, the board can help the company stay competitive and achieve long-term success.
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