Boards still need to go viral on digital
The modern economy is unthinkable without big and medium size corporations, and hence without board directors who steer the navigation of those corporations. Though their job has not changed dramatically, the challenges they are facing have. How the board can address the digital change is at the heart of this article.
In these times of Uberization, universal digitalization, Big Data, and Blockchain, the discussion revolves around the astounding rapidity of change and the magnitude of its impact. Change itself is now a given, and the pace is only increasing.
To understand how well board members in Luxembourg are equipped to face the new digital era, the Institut Luxembourgeois des Administrateurs (ILA) and Deloitte Luxembourg jointly conducted a comprehensive survey of over one hundred board directors.
The results appear to indicate that the most common understanding of digital among board directors is largely limited to internal challenges, such as increases in efficiency and decreasing costs within the organization. External challenges related to strategy, such as opportunities and trends, disruptive ideas, and innovative solutions, lack attention at the board level according to the directors surveyed.
Inside Magazine - Global edition 2017
Inside is Deloitte’s quarterly magazine offering an exclusive insight into best practices, trends and opportunities faced by our clients across all industries.
Inside focuses on the main hot topics relevant for the market (Asset management, Banking, Insurance, Public sector, Healthcare, Private equity, Real estate, TMT, Manufacturing and consumer business, Transport and logistics).