Digital Economy, Analog Boards: The 2012 Study of Digital Directors

Russell Reynolds Associates

The digital transformation of business is dramatically changing both the products and services that companies produce and the processes used to produce them. Retailers prosper or struggle based on their ability to leverage online social networks. Oil companies race to build digital oil fields—data-driven models to help maximize extraction. Financial services firms must retool to serve a cashless society. Healthcare companies are developing online patient communities and are leveraging digital technologies to drive collaborative research and development.

In this environment, every function has a digital component, every C-suite executive must be able to lead a piece of the company’s digital transformation and the CEO must be the chief digital visionary. These imperatives are widely recognized. Too often, however, companies fail to see that the same requirement holds true for boards. After all, how can boards provide counsel to the CEO, ask the right questions of senior management and manage the CEO succession process in an increasingly digital environment if they themselves don’t have a certain critical mass of the digital “right stuff”? Continue reading…

 

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