Digital is already a strategic core to many businesses. With the appointment of Chief Digital Officers (800+ of them in Australia), boards have a responsibility to oversee and hold accountable digital technology and capability.
Wedged between the CMO and the CTO, a Chief Digital Officer has a broader remit to drive growth, especially by converting traditional “analog” businesses to digital ones.
A board ordinarily has two fundamental responsibilities; to ensure compliance and to improve performance. Broadly responsibilities can be set out in the following areas;
- Vision, purpose and values of the organisation.
- Approvals of strategy and budgets
- Appointment, performance evaluation of the CEO.
- Risk oversight.
- Providing a check on external financial and non-financial reports.
- Supporting effective engagement with key stakeholders.