Digital Transformation? Don't Skip Board Commitment and Support
You’ve got the Conn!
The board picked You to Lead their Digital Transformation. Leading Digital Transformation is highly personal. What happens occurs on a market stage. Investors, Customers, Employees, Competitors, the Market, and the Board are closely watching.
Hopefully the Board understood your Vision, and your Projected Outcome has Defendable Market Value.
BUT, if the board didn’t engage you on these critical items, You need safe harbor before Passing GO. What should you do?
Periscope Up and start your team on conducting market assessments. Please refer to my reference article, “How To Spot Digital Transformation Opportunities” for a guide on immediate actions.
Periscope Up Actions,
- Conduct Current Market Assessments,
- Conduct Future State Market Assessments,
- Review, Clarify, define Technologies Trends,
- Document Technologies Patterns,
- Create and Test Vision Statement,
- Create and Value Outcome.
Once Your Vision and Outcome is determined, place it on the board agenda for discussion and approval. The risk of passing go, without Board Approval, is personal. You’ve got the Conn, hence its your Risk. Company Survivability sits in your hands.
On Board Approval, Periscope Down. Kick off a company wide Readiness Assessment Plan. You need to know if your company is capable of major change. The process principle is to understand current capability, future requirements, create a GAP analysis and an Action plan to reach future state on a milestone based timeline.
Periscope Down Actions,
- Review internal documents describing Process and Tools Decisions, Goals, and Milestones. Compare to Future State Requirements,
- Execute deep dive financial analysis down to the Entity Level for Product / Solution Profit Contribution Analysis, Know What to Harvest,
- Review Employee Skills by creating a matrix of current, future, and adaptability assessments to create a future state Capability Projection,
- Review job descriptions and hires in the cue for the ability to meet future state requirements,
- Document / Overhaul recruiting and training to meet future state requirements,
- Review Senior Leader for Transformation Capability and Capacity abilities,
- Conduct Employee opinion and satisfaction surveys,
- Review customer commitments, letters of support, resource commitments, government contracts, Lifecycle opportunities,
- Review distribution / reseller agreements, skills, P&L optimization, Competitive Product Agreements,
- Review primary systems, ERP, CRM, Configuration, Compensation against future state requirements,
- Review Customer Support Systems for Future State Requirements,
- Review marketing Big and Little C capability,
- Review New Solution Development Process,
- Review New Product / Solution Rollout Process,
- Review Company Market Opinion Surveys, Industry Analyst Opinions, Customer Satisfaction, Trade and Press Articles,
- Assess Company Culture.
The process for identifying Digital Transformation opportunities is highly structured. Once the Process is Complete, place a review on the Board Agenda. Board Director Understanding, Buy-in, and Ongoing support are critical to getting on track, staying on track, and reaching the finish line.
Once Opportunity Analysis, Vision, and Outcome are validated, carry them straight into Digital Transformation Execution Planning.
Digital Transformation is like sailing the big ocean. Facing unchartered waters requires massive preparation and support. Don’t leave port alone.