Does your Board of Directors grasp how disruptive technologies are reshaping your industry?
Are they driving and supporting your CEO in achieving digital transformation, leveraging the full potential of emerging technologies for building an efficient, agile, fast moving and responsive organisation fit-for-purpose in a digital era?
Alternatively, is your Board sitting back watching as born-digital companies reinvent your industry? Are they playing safe, watching your organisation's slow decline into obsolescence?
A recent Harvard Business Review article argues that Boards must recognise the unstoppable digital forces at play in your industry, driving your CEO to reinvent the business while you still have the resources to do so.
To avoid becoming the Kodak of your industry, five key actions your Board should be taking now are identified.
Is you Board showing digital leadership in the following areas? I would guess NOT.
- Get into high gear in understanding how digitisation affects the business.
- Be sure you have the right CEO in place, someone with the knowledge and personal empathy to be a digital change leader.
- Encourage the CEO to enlist whatever expertise he or she needs to re-imagine how the company could be rebuilt around a digital platform.
- Prepare to defend the CEO against backlash from inside, outside and the investment community.
- Beware of cold feet when implementing radical change to 'the way things have always been done around here'.
You can access the full article here.