Get Board-Level Buy-In For Your Digital Strategy
The Forbes article, “Get Board-Level Buy-In For Your Digital Strategy,” features research from a Russell Reynolds Associates survey that highlights the surprisingly low percentage of global 500 companies who feel their boards are actually prepared to go digital. The article is excerpted below.
Although technologies like artificial intelligence (AI), machine learning and automation are becoming mainstream, many board members are slow to buy into digital transformation for their organizations. According to a Russell Reynolds survey (via McKinsey), just 4% of global 500 companies believe their boards are prepared for the changes that are necessary to make in the midst of going digital.
However, companies cannot afford to hold back on embracing digital transformation if they want to stay relevant in a rapidly changing world. Whether it’s to streamline an internal process or predict consumer behavior with automation and AI, below are five tips to create an appealing business case for board-level buy-in:
1. Use Business Language
C-suite members are concerned with corporate objectives, targets and core values. So be sure to avoid overly complex acronyms, jargon and irrelevant technical details. Present your digital transformation plans in a way that’s clear and easily understood, with information that is relevant, timely and coherent. Your report should include all the essential facts, benefits and risks to help the board make an appropriate decision.
2. Back Up Your Strategy With Data And Research
Decision makers want to see the real meaning of the “I” in ROI (return on investment). Hence, it’s essential to have a deep understanding of how your digital solution is an investment for the company. Start by researching the current state of your market and where your company lies. This includes well-researched predictions on how the plan will affect your business operations and customer experience. Illustrate key metrics such as cost savings, profits and customer retention with dependable data analytics. You can also use examples of current company plans or competitor projects to support your claims.
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