Digital Transformation and Effective Board Oversights

How to lead your organization to win in the digital-first economy

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  • Impact on business models: For most traditional industries like ours, technology has disrupted the expectations of their customers, employees, and suppliers. The upward mobile market consisting of Millennials and Gen Z are no longer reliant on the help of a financial advisor in an office or meeting face to face with a portfolio manager to manage their finances. Hence, boards need to have a critical understanding of the changes in how the products are distributed and how this impacts the back-office operations & processes.
  • Impact on customer experience and engagement: Technology has impacted how businesses serve and engage their customers. The availability of digital touchpoints enriched with data has changed expectations of customers and other agents especially as they can now compare experiences with Financial Technology companies. To lead, it is important for boards to continuously evaluate channels and strategies used in capturing customers’ loyalties, ensure drastic reduction in time-to-service and the business incorporates ways those capabilities can continue to improve and deliver on customer experiences.
  • Impact on back-office operations and processes: Automating and integrating processes, increasing speed, enhancing employee and business partner experiences, and lowering restrictions, hurdles, and manual work are all priorities for tech-first firms. This shifts the focus away from low-value administration and toward high-value labour.
  • Impact on business goals: It is critical to understand how the introduction of technology contributes to the business goals are and how they link to the company’s strategy. By understanding this impact, it helps the board to guide on the right speed and scale, create and monitor timelines and incremental milestones, evaluate leadership capabilities and the resources required to achieve each milestone.
  • Impact on risk: It is important to always expand the technological impact beyond immediate gains and create involve flexibilities for management to explore new opportunities it may present. However, the board is expected to measure the risk and ensure there are enough mitigants. Technology presents its risks such as cybersecurity, boards must continue to ask questions to guarantee the safety of data, compliance with data protection regulations and increased tech infrastructure safety.
Photo by Austin Distel on Unsplash
  1. Financial impact/ROI
  2. Margins and productivity
  3. Actual vs. budget spend
  4. Customer net promoter score
  5. Revenue from new products and services
  6. Expansion of intellectual property
  7. New opportunities explored
  8. Number of technology failures
  9. Product quality enhancements and exceptions
  10. The retention rate of new digital talent
  11. Employee training
  12. Employee engagement surveys (including discomfort with or resistance to)
  13. External insights regarding culture, upskilling efforts and transformation strategy
Photo by Austin Distel on Unsplash

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Telling stories of Africa; her economics, history and politics | Bridging economic gaps by scaling traditional ideas & businesses with tech.