The old ways of running a company won’t cut it in a digital world.
To help top management catch up on the digital revolution, Liri Andersson, INSEAD Guest Lecturer, founder of this fluid world, and Ludo Van der Heyden recently issued the report – “Directing Digitalisation: Guidelines for Boards and Executives”.
It presents 11 strategic implications and recommendations (grouped into three categories), summarised below. These are based on the previous findings, combined business and teaching experiences, and professional collaborations with organisations across multiple regions and industries:
The business environment
- Digitalisation requires an unbiased understanding of the external environment.
The organisation
- Digitalisation may require a reformulation of the firm’s mission.
- The meaning and impact of digital to the firm must be clearly stated.
- Digital understanding and capabilities are required across the firm.
- Digitalisation must be supported by the firm’s corporate culture.
- Digitalisation demands a greater level of collaboration.
- Digitalisation requires greater engagement with the public.
Strategy
- Business strategy in the digital age becomes a continuous process.
- Decision-making in the digital age is increasingly data-driven.
- Digitisation requires firms to enter uncharted territories.
- Digitalisation is about continuous management of change.
