Helping corporate boards oversee digital transformation
Corporate boards play a critical role in a company’s digital transformation journey. To effectively oversee a major transformation, your board should focus on the strategic plan, risks and opportunities and change management program. You also need to monitor performance to ensure that the investment results in long-term value for the company. Having a defined transformation oversight process can help ensure success.
How corporate boards should oversee digital transformation
A digital transformation is a competitive imperative today. Companies have been implementing new technologies to deliver products and services more efficiently, improve margins, stay relevant, offer a better customer experience and attract talent. A company that hasn’t embraced digital transformation could end up left behind. Board leadership is essential to success.
Four key areas to consider when it comes to overseeing a digital transformation
- Strategic plan: Understand the goals of the digital transformation and how they link to the company’s business strategy
- Risk and opportunities: Ensure that management has a plan to address top risks and opportunities
- Change management: See to it that culture comes first, employees embrace the transformation and the right talent strategy is in place
- Performance: Set metrics for success and determine whether the transformation is taking hold
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