NAVIGATING THE DIGITAL EVOLUTION: UNCOVERING GOVERNANCE CHALLENGES AND STRATEGIES FOR SUCCESSFUL TRANSFORMATION

Abstract

The article aims to dissect the challenges organizations face in the ever-evolving digital landscape. It delves into the shortcomings of current governance practices that impede successful digital transformation, resulting in dishearteningly low success rates. The exploration focuses on identifying common deficiencies in governance, including unclear strategies, inadequate stakeholder involvement, ineffective risk management and issues with technology integration. Practical steps are presented to fortify oversight, such as establishing clear objectives, enhancing stakeholder engagement, strengthening risk management practices, and leveraging technology. By emphasizing the critical role of governance in achieving digital transformation success, the article aims to guide organizations toward better practices for navigating the digital frontier.

DISCLOSURE STATEMENT

No potential conflict of interest was reported by the author(s).

Notes

1. Forbes Leadership, “12 Reasons Your Digital Transformation Will Fail”, Block, Dr. Corrie, March 16, 2022 https://www.forbes.com/sites/forbescoachescouncil/2022/03/16/12-reasons-your-digital-transformation-will-fail/?sh=d258dee1f1ee.

2. Deloitte, Digital Frontier: A technology deficit in the boardroom” June 2022, https://www2.deloitte.com/ca/en/pages/audit/articles/digital-frontier-a-technology-deficit-in-the-boardroom.html.

3. Ibid.

4. PwC Governance Insights Center, “Today’s boardroom: confronting the change imperative” PwC’s 2023 Annual Corporate Directors Survey, 2023, https://www.pwc.com/us/en/services/governance-insights-center/library/annual-corporate-directors-survey.html.

Additional information

Notes on contributors

Angela Byrne

Angela Byrne is a trusted Advisor and Consultant to boards of directors, C-Suite, and senior government officials. Specializing in technology, risk, and finance, for over 30 years, Angela has been privileged to work closely with organizations that are at the forefront of change. By harnessing the power of technologies and integrating diverse viewpoints, Angela has facilitated organizational change to nurture strategic growth and enable lasting success. She is a Chartered Professional Accountant (CPA) and Certified Management Accountant (CMA) and holds certifications in governance, information systems auditing, risk management assurance, and internal audit. She can be reached at [email protected].