Digital transformation is here to stay. Employees and organizations who do not leverage technology will be left behind.
Your organization’s CIO is positioned to launch an operational performance exploration across multiple departments, such as finance, HR, operations, and sales, to determine what it might take to outpace your competition through technology and digitalization.
Tech-savvy boards experience greater revenue growth across the organization.
Technology Literacy Helps Boards Experience Greater Revenue Growth
Technology transformation affects the bottom line in several ways.
According to a recent Deloitte survey, “Enterprises with tech-knowledgeable individuals on their boards experience 5% greater revenue growth over three years, and 8% better stock performance year over year.”
Top-level executives who learn to leverage data and digital technology transformations outperform their competition. These modern leaders gather data more quickly and make decisions to help large organizations pivot successfully. Such was the case of Domino’s, the pizza corporation that used technology to make significant systemic changes, resulting in its stock value moving from $3 to $433 per share.
Digital fluency not only determines the future likelihood of success, but it also influences employee retention. At an estimated $630 billion, employee turnover is costly. However, employees are more likely to stay with an organization if they feel that technology is a priority.
7 Questions to Ask Before Taking on Transformation
Executing a technological transformation among upper-level management requires thoughtful planning. A CIO can lead the strategic discussion with these seven questions:
- What would digital literacy for our board look like?
- What capabilities are essential for leaders to possess?
- What, if any, behaviors would need to change?
- What risks do we face moving ahead — or for not taking action at all?
- What is our budget for an initiative like this?
- Who is best suited to lead our organization’s top-level digital literacy initiative?
- Who else would be involved, and how?
After discussing these questions among your C-suite, you may discover that you need an IT Project Manager to coordinate your board’s digital initiative.
Because boards experience more remarkable revenue growth through digital and technology literacy, hiring a leader who can coordinate every aspect of the transformation is an opportunity for empowerment.
When your business is ready to incorporate complex tech solutions and leverage the skills of a qualified IT Project Manager, reach out to us to level up.
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