What does it mean to be a digital business and how can and should a board work on digitalisation? These were some of the issues discussed at the Flensby & Partners Insight event in December, where a number of top executives and board members participated. The answers to these questions are much more than IT. It is crucial to start with direction in the company's strategy/digital strategy. The company must ensure the greatest possible direction and clarity. Organisation, roles and culture are other important parameters that - combined with IT - determine a company's digital readiness.
Does it make sense to deal with digitalisation as something special? Isn’t digitalisation just a common transformation? Is there really a reason to look at digitalisation as something special from the perspective of the board, and which competencies should be present at board level? The answer is clear to Flensby & Partners. Yes, digitalisation is a special transformation. The challenge that makes digitalisation something so distinctly different is that digitalisation encompasses the entire value chain. And speaking of board relevance, digitalisation has to do with all four major areas of responsibility for a board: Strategy, capital, risk, and people. Take for instance risk that the more digital and connected, the greater the risk of serious cyber attacks. In the future, digital readiness, might also be of increasing interest to investors.
All C-level top manager positions have a digital content that will be driven with a best in class perspective. So, organisational aspects and senior management qualifications as well as board competencies are to the greatest extent on the digital transformation agenda. Flensby & Partners has prepared well with a markedly increased focus on what digitalisation is doing to the people agenda.
For further information, please contact:
Partner Bente Overgaard, Flensby & Partners