FEATURE
unique needs. Many require a time commitment that directors struggle to afford – courses offered by the university and academic institutions require in-person attendance for anything from one day to sixteen days, while even self-paced online courses can require several hours per week over multiple weeks. And for those that can attend, the available programs often don’t cover everything that directors need to know. “Many of the available courses lack the breadth and depth that boards of directors are looking for,” said Sagar Shah, client partner, Strategic Center at Fractal. “Some are very academic, focusing on the principles and tenets of digital transformation. Others use case studies to illustrate the concepts of digital transformation. Still, they don’t explain how it was done, how long it took, what type of investment was involved, or exactly which programs brought the company’s success.” So, what do directors want from a digital transformation education program? Answering, as well as asking challenging questions, is a must. For example, how can digital help a company disrupt its industry, engage meaningfully with customers, or drive social good? How can it help a major bank to generate more leads or a government organization engage with more than a billion citizens in multiple languages? And how might a Fortune 500 company harness AI to increase earnings by more than $500 million through better revenue and supply chain management? Ultimately, boards need the tools at their disposal to inspire change that creates value.
we have found that they often don’t feel well equipped to do that.” Since boards are not responsible for planning and execution, they face a unique, two-pronged challenge. “Successful leadership requires thorough preparation, high standards, and conviction,” said Deb Henretta, an executive advisor on digital transformation. “To maximize their impact on management, boards need to be thoughtful and considerate in their questions and contributions and listen as much as they contribute.” “When it comes to directing digital transformation, boards often feel they lack two key elements they need to deliver that leadership. First, they require a detailed understanding of
transformation and its relevance to the company and industry they serve. In addition, they need an effective way to communicate that understanding that stimulates the company’s management to develop effective strategies. To do that, they must know exactly what they can do – which ideas to suggest, which questions to ask and where there are real-world examples to explore – to provoke productive thought among managers about the areas they need to work on. A board that successfully communicates an informed transformation vision in this way is helping the company to make that journey.” There is no shortage of programs aimed at helping leaders to understand digital transformation. However, they often fall short of the board directors’
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