WHAT DOES HARVARD BUSINESS THINK OF DIGITAL TRANSFORMATIONS?

Hershey's implemented a new SAP system to manage its supply chain, but the system had numerous problems…

Cyber insurance can be effective in providing financial protection for businesses in the event of a cyberattack or data breach.

Cyber insurance is a type of insurance that covers businesses and organizations against internet-based risks and threats such as data breaches, cyber-attacks, and cybercrime.

Assessing digital risk can be a tricky business. Risks can have multiple impacts on a company or initiative, and the digital landscape is constantly evolving.

In the world of corporate leadership, there's a distinct difference between doing the right thing and doing things right.

Many initiatives are presented to boards with promises of high ROI, improved competitiveness, and cost savings.

In essence, these assessments seek to provide answers to two crucial questions: 1) Are individual directors equipped with the confidence and expertise to provide insightful and accurate recommendations on digital strategies, initiatives, and talent? 2) Does the company possess the necessary capabilities to compete effectively in the digital world, and if not, what are the gaps, and how can they be addressed?

The implementation of an Omni-Channel initiative can yield significant rewards, but it also carries substantial risks that can threaten a company's value and continuity.

When a company is undergoing significant change, due diligence by board directors requires assessing potential risks that could harm or slow down the transformation.

In 2017, research conducted by Deloitte Insights found that only a small percentage of companies had board-level Technology Committees.

IBoards have a vital responsibility to manage risk within a company, but to do so, they require insightful and timely information. This is particularly true when it comes to technology innovation.

Directors may not fully comprehend the magnitude of risk posed by a company's digital infrastructure or the impact that digital investments can have on future strategies.

The value of outside directors who are well-versed in digital business models, practices, and industry best practices cannot be overstated, especially for companies that are making significant investments in digital transformation or other technology changes.

The threat of high-profile cyber breaches is well understood. Responding to and recovering from a breach incurs a direct cash cost, which is only the beginning.

Directors must have a thorough understanding of the organization's digital capabilities, and a digital director can help with this assessment.