Nearly half of directors said digital technologies are critical to achieving growth objectives
This report details the following insights:
81% leverage AI to streamline operations, with 63% utilizing AI for IT and 63% for finance
82% said having access to digital technologies has improved the analytics available to the board
No company is safe from disruption, emphasizing the importance of enterprise digital transformation
A board of directors has a fiduciary duty to ensure the long-term health and viability of the company, and the emergence of new digital innovations, especially those involving data analytics artificial intelligence, are increasing both long-term and short-term disruption risks.
Corporate Board Member recently partnered with RSM to survey U.S. public board members about the state of their enterprise digital transformation and the role digital technologies play in 2023–24 playbooks. The survey report provides details into how digital technologies help drive growth, how companies are leveraging innovation, and how strategies such as AI, machine learning and digital automation are being embraced.
With this current rush of innovation and excitement, consumer demands are rapidly evolving, with many wanting companies to leverage new enterprise AI and enterprise automation solutions to enhance the customer experience. However, while a focus on the human experience has never been more important, companies have risks to consider.
The emergence of recent innovations has demonstrated how quickly the market is moving and new customer demand on company systems and processes will quickly follow.
Rhys Morgan, North American technology advisory leader, RSM Canada
Innovation is moving at such a rapid pace that board directors cannot hesitate too long on choosing a direction and strategy. To get ahead of potential disruptors and minimize risks, boards must proactively challenge management about their projections for what those developments mean for the company and the entire industry.
Job number one for boards is ensuring that management does not take on excess risks that can jeopardize the long-term health of the company. But it’s equally important to consider the pace at which digitalization is occurring. Being a late adopter can also put the company’s health in jeopardy.
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Companies have been battling an extraordinary business environment for the past three years, and with inflationary pressures and slower economic growth, the next few years will almost certainly bring further disruption.
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2023 RSM US MMBI Digital Transformation Special Report
The survey reveals that for company leaders, digital transformation is more than just upgrades or new platforms. Digital transformation can alter an organization’s trajectory and affect whether the company succeeds or fails.
