Digital transformation is a competitive imperative today. Companies have been implementing new technologies to not only deliver their products and services more efficiently and improve margins, but also to stay relevant, develop new products and services, offer a better customer experience, and improve operations and productivity in this fast-changing digital age.
A transformation takes time and diligence and requires substantial investment and agility. It is not a one-and-done exercise but rather an ongoing process that is inextricably linked to the company’s strategy.
Boards play a critical role in a company’s transformation journey. To effectively oversee a major transformation, your board should focus on the strategic plan, risks and opportunities, and change management program. You also need to monitor performance to see that the investment results in long-term value for the company. Having a defined transformation oversight process can help drive success.
Here are five key areas to consider when it comes to overseeing a digital transformation:
- Board approach – Agree on who will oversee the transformation and evaluate current skills and expertise
- Strategic plan – Understand the goals of the digital transformation and how they link to the company’s business strategy
- Risk and opportunities – Understand management’s plan to address top risks and opportunities
- Change management – See to it that culture comes first, employees embrace the transformation and the right talent strategy is in place
- Performance – Set metrics for success and determine whether the transformation is taking hold
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