With digital now being so ubiquitous and touching our lives in such profound, intimate and virtually constant ways from the everyday mundane aspects of shopping and commuting, and even to being an enabler in us finding our life partners - from these micro and many interactions it is just as consequential for companies and their boards as well as the individual.
Digital is no longer and should no longer be viewed as tangential part of our working lives , it is ubiquitous and is the actual context of our working lives.
Digital transformation has to be at the "heart, top, main focus" of all organisation regardless of size and regardless of industry. We are bearing witness to nothing short of a digital revolution and yet we have so many boards that are either lagging behind or are actively choosing to not embrace this new world we face, and by not faceing up to this new reality they are potentially culpbale in the downfall or reversal of their current market position.
The reality is; every facet of business life has gone digital but there are too many public and private boards that remain stuck in an analog mode. Even those organisations that recognise how high the stakes are in this very often still struggle to articulate or even comprehend the connection of digital to their organisations strategy. Is the focus e-commerce? Mobile? Social? Data?
Shall we bandy some numbers about?And shall i bullet point them? Why not!
- Less than 14% of FTSE 250 companies have or use social media metrics as an indicator of corporate advocacy or in 'old money' performance.
- Less than 23% of FTSE 100 use social signals to predict or monitor reputational risk
- And Directors are the least in the know with less than 5% of FTSE 250 admitting their board reports social metric information
Click to follow to Prt II of the story