HOW CAN BOARDS ENSURE THAT THE BENEFITS OF A TRANSFORMATION ARE REALIZED?
Many initiatives are presented to boards with promises of high ROI, improved competitiveness, and cost savings. However, even when boards conduct post-implementation reviews, they often lack the necessary aperture to capture crucial data and synthesize it into actionable insights. While reviewing schedules, budgets, and risks is important, it's not enough for a transformational initiative.
Transformations require a solid understanding of external forces affecting customers and competitors, as well as a company's internal capabilities. To reduce risk and improve strategy, boards must track competitors' digital initiatives and be well-versed in digital business models and strategies.
A digital director can play a key role in ensuring that other directors understand digital concepts and can effectively evaluate potential threats. Best practice for boards is to review each strategic digital initiative, and to adopt a broader information gathering and assessment process to identify potential market forces that could impact the transformation.
By taking these steps, boards can more effectively manage high-risk, high-reward initiatives and stay ahead of competitors in a rapidly evolving digital landscape.
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