Significant need for a digital step-up in Norwegian Boards
Digitalisation and disruption have affected most industries for years, reshaping businesses and reinventing how organisations create value. Throughout 2020, Covid-19 has emphasised even further the importance of secure digital solutions, and accelerated the need for digital business models. Digital businesses require digital understanding and leadership, not only to develop new services and customer journeys, but to ensure a high level of cyber security in order to protect business and personal data.
Norwegian boards have traditionally focused mostly on business strategy, corporate governance and financial matters. As many organisations lack sufficient IT competence and technology understanding at the board level, operational management tends to be responsible for the greater part of companies’ digital agenda. However, to succeed with digital transformation, it is critical for board members both to understand technological development and the opportunities it represents, as well as to lead by example. Previous studies show that board members already feel overwhelmed by the large and rapid changes driven by technology, leading to new business models, new risks and new competitors.
Our study reveals three key challenges for Norwegian boards of directors:
To summarise, there is a need for a significant digital step-up in Norwegian board rooms. We hope this report can contribute to valuable insight and be a tool for positive change.