Source: Center for Board Effectiveness (Deloitte)
Not so long ago, many business leaders thought “digital” was just about mobile phones and other electronic tools. Very quickly, we’ve learned that it’s an enormous, global shift on a par with the Industrial Revolution: Digital is fundamentally changing the habits of individuals, society and businesses, the likes of which few have seen.
Digital technologies and related business innovations are permeating everything around us—introducing new cultures, changing society, reshaping the competitive landscape, raising customer expectations, disrupting established business models, blurring the lines between industries, and creating unprecedented challenges—and opportunities—for companies everywhere. In light of this, digital transformation is now one of the most important strategic issues on the board’s agenda.
A board member’s role is to help the company create sustainable advantage for the long-term. In today’s environment, that includes a broad understanding of the benefits and risks associated with digital transformation—including the risks of inaction.
This document defines digital transformation, outlines competitive advantages and provides in-depth questions to facilitate discussions between the board and management focusing on strategies for an ambitious and successful future.
Download Deloitte's On the board’s agenda | US - Winning with digital: What boards need to know about digital transformation