Navigating digital disruption: What your board needs to know
- The world is changing when it comes to digital disruption.
- Often organisations focus on logical incrementalism i.e. growth based on what’s been done before but this won’t cut it anymore.
- In the last 20 years, companies that have adopted the right tech approach have become the real power houses.
- Digital transformation is your response to change and you need a strategy in place to make it work.
- A great example of digital disruption is what happened to Blockbusters when Netflix disrupted the market.
- What can boards do to make sure they’re ready for digital disruption?
- Set up committees that focus on digital trends
- Inform yourself and the board – this is essential
- Put digital transformation on the agenda regularly
- Upskill your board members and employees
- Take calculated risks and experiment with digital transformation
- In a Harvard review, the biggest challenges faced by organisations are:
- 27%: New technologies and new platforms
- 18%: Hiring and reskilling talent
- 12%: Getting the right capital to invest in new and emerging technologies
- Questions to ask your board about digital transformation include:
- Is the board allocating sufficient time on the agenda?
- Does the board have the right skills?
- Is the information the board obtaining trust worthy?
- What assumptions is the current board strategy based on – is it still valid?
Global spend on Digital Transformation will exceed $2.3T in 2023 yet 70% of transformation projects fail to achieve their goals according to the Harvard Business Review. Robert Farrell – lecturer, trainer and speaker specialising in Digital Transformation – is on a mission to improve this by developing the next generation of leaders. He will be discussing current trends in digital disruption and transformation and what your board needs to consider as it navigates its way through these demands.
Robert Farrell is a lecturer, trainer and speaker specialising in Digital Transformation. Robert has delivered training to audiences including Google, HubSpot, Citibank, DocuSign, Amplexor and many more. He holds a postgraduate diploma in digital transformation, a masters in strategic management and several digital marketing certifications.
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