Getting Boards Ready for Digital Transformation
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The document discusses how boards can get ready for digital transformation. It suggests that boards increase their digital and innovation maturity through business experiments, startup methods, and scaling innovation. It recommends that boards involve members and sub-committees, as well as appoint chief digital officers, to better align actions. Additionally, boards can increase their digital competence through corporate venturing, acquisitions, innovation centers, startup collaborations, open innovation, and engaging top leadership. Site visits and partnerships can also provide strategic insights.
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Getting Boards Ready for Digital Transformation
- 1. Boards – Getting Ready for Digital Liselotte Engstam, Chairman Digoshen & Non Executive Director at multiple June 2016 © All rights reserved Digoshen AB
- 2. Digital business capability Experimenters Digitala Leaders Mobilisers Visionaries Travel Media Pharma Professional Services Retail Bank High Tech CPG Manufacturing Utilities Insurance Digital leadership capability © All rights reserved Digoshen AB Digital business & leadership progress Construction Digoshen.com/ research Ref. Digoshen Survey 2016 Q1 – Nordic/Eur Board Members
- 3. Increasing Innovation © All rights reserved Digoshen AB Improving digital business & leadership capability Ref. Digoshen Survey 2016 Q1 – Nordic/Eur Board Members • Digital/ Innovation Maturity, Business Experiments, Startup Methods Sense at Scale Involve to Innovate Align Actions • Board Members • Sub-Committees • Chief Digital Officers Increasing Competence • Corporate VC, Aquisitions • Innovation Center, Startup Collboration, Open Innovation • Top Leadership & Board engagement • Insight & Strategy journey’s • Partnerships & Network
- 4. Thank You! Liselotte Engstam liselotte.engstam@digoshen.com @liseeng digoshen.com © All rights reserved Digoshen AB
Editor's Notes
- We could see that the companies that successed in the digital world, manages to balance the digital business capability with the leadership capability. Most of us are still mobilisers 65%, exprimenters fighting to stay afloat, visionaries in somehwat slower paced industries, for now, digital leaderr are high tech themselves. We also aligned it with reserach by MIT of 400 companies in 30 countries and found that Mobilisers R -4% P – 24 Val -7 , whilst Dig Leaders R +9 % P +25 Val +12 On Digital capability Most co engaged in building up fucntional areas with digital 65% used it for mktg, 50% selling, 40% underst customers, less f delivery 50% percieved they were less digital than their customers, 65% hindered by current IT, 30% increased global reach, 40% launched new business models, 25% sacrificed current revenue On Digital Leadership capability 20% of boardmembers, digital, 30% agreed on new transformative vision, 30% doing enough digital experiments, 40% CEO lead Key dig, 50% started to listen on social media _____________ Research by MIT 500 senior exec in 400 companies in 30 countries, reconfrmed it in several of our studies. Tention that goes is between growth of new value vs control of current portfolio.. 65% beginners, 15, 15, 5 % leaders Experimenters R +6 % P - 11 Val -12 Visionaries R -10% P + 9 Val +7 Mobilisers R -4% P – 24 Val -7 Dig Leaders R +9 % P +25 Val +12 Growth vs control Creation of new value f customers and sharholders, new offerings, business models, differnet from current Control – driving for predicatability & productivity, finetuning, control of existing portfolio