This blog is about the digital business era. The blog posts are brief, foods for thought. They comment on articles, events etc. with a personal touch.
The Five Digital Competencies of the Board
The Name of the Game is Digital Transformation. It is a phase-shift in the way companies do business. Most industry sectors are either in the middle of this, or on the brink of it. Businesses in all industry sectors will be challenged on their business practices. The ones that can turn this into a growth opportunity gets richer and greater. The rest will perish!
Many Executive Boards have limited experience with and indepth understanding of the digital business models, and struggle to get a firm grip on the business models, competency requirements, risk and investments. The requirements to the Board of Directors is to master the following 5 digital competencies:
- Sparring with the owners regarding the company's long term diigtal development. This is called "the digital dream".
- Set direction for digital strategies and transformation plans of the company.
- Stay close to execution of digital strategies and transformations.
- To understand risk management and security management and conduct timely corrective actions
- To master the Board's own digital toolbox for enhanced productivity and convenience
Each of these competencies will be investigated and described in the coming article, The Digital Chairman.
A key goal is to give you inspiration on how to deal with the digital business era. Another goal is to get feedback on ideas and thoughts. Have a great digital business era!
Confucius – you cannot open a book without learning something - /jan