As organizations push for greater adoption of digitalization, it becomes critical for organizations to be quick to pivot in order to address changing business needs. That requires the board and executive management to establish the appropriate tone across the organization to improve the speed of adoption. Protiviti explores the Board’s role in overseeing speed in the digital age in a recent Board Perspectives: Risk Oversight newsletter. Here is a synopsis:
Cloud computing, robotic process automation, machine learning and other technologies are disrupting every industry by presenting opportunities to reimagine business models and eliminate the entry barriers of the physical age. With physical locations, people and infrastructure barriers virtually gone, it’s possible for startups to disrupt an established company with a hyper-scalable business model that can accommodate rapid growth without significant upfront capital.
In the digital age, time and speed in business have evolved beyond the tactical to emphasize a more strategic and holistic view of challenging conventional thinking and disrupting traditional ways of working as well as long-established value chains. Armed with a deep understanding of maturing technologies and the ability to apply them in imaginative ways to drive innovation, management must constantly rethink how customer needs are evolving and the role of all key players — including upstream suppliers and downstream channels — in fulfilling those needs.
Read the Board Perspectives: Risk Oversight Issue 104 – Oversight of Organizational Speed in the Digital Age
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