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The DNA of a digital financial leader. How to develop a digital transformation strategy for the finance function and what are the main characteristics of a digital finance leaderWith the continuous development and adoption of new technologies and trends – such as cloud computing, robotics, blockchain and Artificial Intelligence (AI) – and the availability of vast amounts of data, people’s roles in the finance function are undeniably changing. Furthermore, the COVID-19 pandemic has served as a wake-up call for many finance leaders to start investing in the digitalisation of their department. Indeed, today’s finance leaders have the opportunity to act as a catalyst for reshaping the business strategy and deploying AI technologies to digitally revolutionise the finance function and enhance their value creation and value protection role. The digital journey, however, encompasses more than the mere adoption of several technologies: it involves many challenges that go beyond the obvious technical aspects, such as organisational and cultural difficulties. As the finance function must not lag behind in the digital era, a crucial task awaits finance leaders: they must reinvent themselves and their department in order to successfully embark on this digitalisation journey. We believe our synthesis of how to formulate a digital transformation strategy, along with the 9 must-have characteristics of a true digital finance leader, can equip these leaders to successfully tackle the upcoming challenges of digitalisation! Our Centre for Financial Leadership and Digital Transformation has the ambition to reach out to all finance leaders to help them embark on a successful digital transformation journey and become true digital finance leaders. In our first workshop, the Centre tackled the question: ‘What should the finance leader of the future look like?’ The insights of that workshop were gathered and analysed and resulted in this white paper. A must-read for each finance leader whose aim is to inspire, support, and empower his/her department to embrace the digitalisation of the finance function.
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Digital transformation know how. Connecting digital transformation, agility and leadershipIn recent years, digital development has accelerated and digital turbulence is the new normal. So, it’s time for a synthesis, time to bring stability to that turbulence: What have we learned? What do we know? What should we no longer have doubts about? Whether you’re a CEO or a dedicated worker, you have an important role to play in your organisation’s digital transformation. But it’s hard when you don’t have a common frame of reference or common language. What’s the big picture? How do things align? How can you contribute? This book offers you a practical perspective on six critical elements of successful digital transformation design: Strategy for the digital age: Digital transformation invests in strengthening the core and growing the more . Customer experience design: Great customer experience emerges from the way you solve your customers’ problems . Data and analytics: Giving data hands and feet is crucial to the success of a digital transformation. Digital partnership strategies: Combinatorial innovation drives digital partnerships, but they still must be earned. Digital transformation leadership: Technology skills are an organisation’s ticket to ride, agility its ticket to heaven . Scaling agility: The paradox involved in scaling agility is introducing fast flexibility and stability at the same time. gility: The paradox involved in scaling agility is introducing fast flexibility and stability at the same time.
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Who is in charge of digital transformation? The birth and rise of the chief digital officerWith the increasing pressure for organizations to digitalize, many companies are complementing their top management teams (TMT) with new members, chief informational and digital officers (CIOs and CDOs). As members of top management teams, CIOs and CDOs are expected to fulfill essential roles in the digital transformation strategy and its implementation. By making decisions on digitalization, they also influence business model development, innovation, and business strategy. While research on digital transformation is growing steadily, we lack a coherent understanding of the extent and nature of these top management roles and their relationships and the specific tasks involved. Based on the literature on management, information systems, and related fields, this paper discusses the evolving CIO and CDO roles and their interrelationships. Our key contribution is to conceptualize the role split, the emergence of the CDO, the nature of organizational roles and relationships by drawing on concepts of organizational ambidexterity, transactive memory systems (TMS), and shared understanding. We find that despite the separation of roles and potentially overlapping responsibilities, a collaborative relationship can be beneficial due to the complementary nature of the roles particularly to drive the digital transformation. We conclude with a future research agenda."
