Traditional business models don't work in the digital age, where borders of the past no longer exist.
More important than individual innovations created by the digital revolution is their cumulative impact on business and on organisations. It requires most aspects of an organisation to be challenged – including how boards and leadership teams function. This need is unprecedented in both scope and speed in the history of managing and governing organisations.
Keeping top management across international best practice, INSEAD business school Professor Ludo Van der Heyden presented 11 strategic implications and recommendations gleaned from global collaboration, to an audience of New Zealand's business leaders at an event hosted by MinterEllisonRuddWatts.
Professor Ludo's top line findings for leadership in the digital age are:
- Digital currently defies definition
- Digital is being actively explored
- Digital is a journey with no clear destination in sight
- There is no such this as a 'digital organisational form'
- Current digital initiatives are typically functional initiatives
- Digital initiatives are primarily driven by traditional business functions
- Only a minority of companies are engaged in a "digital transformation"
- There is limited awareness of transformation at the top
- It's too early to measure the success of digital initiatives
- Success in digital is about more than the technology
- Not all companies need a dedicated digital strategy
If you would like to read more about the 11 points and Professor Ludo's recommendations, click the link below.
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