#Fdr well i poke to hiri how to

When thoughtfully applied, it can enable a huge leap over standard approaches in terms of delivery speeds, costs, and quality вЂ“ often by a factor of 10. Take artificial intelligence (AI), for instance. Rather, the goal is for the board to understand the implications of technology and digital on the business and sources of revenue. Does the board understand the implications of digital and technology well enough to provide valuable guidance?Д«uilding up the boardвЂ™s digital aptitude isnвЂ™t about turning directors into proficient technologists.

While some of these questions are more strategic, and others more operational, boards that address all of them can help push companies to achieve the digital transformations essential to todayвЂ™s competitive advantage. Asking the following five questions will ensure that boards are focused on the most important digital challenges. Rising to the challenge doesnвЂ™t mean completely reinventing the board model, but it does require a thoughtful recalibration of where to focus directorsвЂ™ energies. The complexity of technology and the speed of digital can make board members feel like theyвЂ™re always playing catchup.Дiscussions with dozens of board members reveal how digital transformation is increasing the scope of the boardвЂ™s mandate, opening up new fronts for risk and competition. While many board members have told us they know that digital is essential to keeping current business models viable while developing new revenue streams, they struggle to see how they can best add value. Digital transformation has become a matter of corporate survival and a top priority for boards. Covid-19 has only accelerated that timeline, with estimates indicating weвЂ™ve moved three to four years forward in digital adoption in a matter of months. вЂњI know digital is important, but how do we capture the value?вЂќД®ven before the pandemic, 92 percent of companies surveyed by McKinsey believed their business models would have to change given rates of digitalization at the time.

#Fdr well i poke to hiri how to

вЂњI hear lots of digital buzzwords, but IвЂ™m not sure how to deal with it,вЂќ as the chairman of a different board put it. Similar scenes have been playing out in boardrooms around the world for years. Was it too costly? Was it aiming too low? Was it focused on the right priorities? One board member admitted he just didnвЂ™t know. The board reviewed the proposal, but after asking a number of questions, they were unable to evaluate it. The CEO of a large retail company recently brought a $500 million digital-transformation-investment plan to his board.