2 Minutes Read By Dr. Stefan Sambol

The Important Role of Digital Advisory Boards

#Growth Strategy#Digital Go-to-Market#Digital Strategy

Digitization must be a top priority. But most business leaders can't be up-to-date on tech trends all the time. This is where digital advisory boards come in.

Digitization must be a top priority. But most business leaders can't be up-to-date on tech trends all the time, especially if they come from industries that weren't born digital. This is where digital advisory boards come in.

The Corona pandemic has further accelerated the digitalization trend. Global IT spending is set to grow 3% from last year, according to Gartner, unaffected by inflation. Digitization has thus become an important part of the business world with an upward trend. As many as 54% of senior leadership respondents (Salesforce survey) feel they are up to speed on digital trends. Unfortunately, however, less than half of managers and individual employees share this view.

Digital leaders at the directors’ table

It is therefore possible that many executives are lulling themselves into a false sense of security. To stay ahead of the curve, a large proportion of companies will have to integrate digital strategies and techniques firmly into their business processes. To do this, it is far from enough to have an IT department that deals with bugs, backups and updates. Rather, a digital strategy must be deployed and implemented by the business leaders themselves. Since they lack the skills and time to recognize and pick up on digital trends and apply them to their own business model, digital experts need to be at the table with the company board.

The best way to do this is to introduce a digital adivsory board. This can consist entirely of internal digital executives, but can also have external members. Consultants who have worked on digital transformation projects, for example, are suitable external members of the digital advisory board.

What does a digital advisory board do?

The exact tasks of the digital advisory board vary depending on the industry and company. Essentially, however, its responsibilities relate to the development and implementation of a digital strategy in line with corporate objectives. This typically includes a digital product strategy, the definition of a digital roadmap, the assessment of market trends and the launch of an innovation incubator. The digital measures can relate both to the company's offering – for example, to develop new target groups and enter new markets – and to internal processes – for example, to increase the degree of automation and reduce costs.

The digital advisory board supports the digital strategy, i.e., it ensures that it is implemented according to plan and that the defined key figures are achieved. Last but not least, the digital board ensures that digital competencies are built up in the company over the long term. For this to work, it is strongly recommended that one or more digital leaders sit on the wider corporate directors board.

The right time to set up a digital advisory board

Investing in a digital advisory board makes sense, especially in times of economic downturn. Many companies tend to hold back such investments, supposedly to gain economic security. But this is precisely why a digital advisory board can provide a decisive advantage over competitors. Because in times of upheaval, innovations can be advanced, internal processes can be made more efficient, and new customers can be won with a digital offering.

Learn more about how OMMAX can help you establish a digital advisory board!

Contact an expert

Do you want to know more about our experience in transaction advisory? Get in touch!

Industry Insights

Who will lead us into a digital future?

As a guest on the D25 Podcast, OMMAX Partner & Co-founder Dr. Stefan Sambol speaks about digitalization trends and why now is the time to shift to a [...]

Industry Insights

The Impact of AI-based content generation solutions on business

With AI-generated content being one of the big questions Dr. Felix Marcinowski, Vice President Organic Performance, has been confronted by many [...]

Hacker binary attack code

Industry Insights

Cybersecurity: 4 Principles to Protect Your Business

With hacker attacks, AI-based phishing and hybrid operations spreading everywhere any minute, the cyber threat situation is and will remain tense. [...]

Industry Insights

2023 Learnings and Tips for E-Commerce

2022 has been a challenging year for e-commerce organizations. Market downturn and rising interest rates have factored heavily into falling consumer [...]

Case Studies

The BHS tabletop case

BHS tabletop AG is a mid-sized German company with around 750 employees, established in 1998. The company is a leading manufacturer and supplier of [...]

Case Studies

The Waterlogic Case

Since its founding in 1992 in the UK, Waterlogic has been a leading innovator, manufacturer and global distributor of point-of-use (POU) water [...]


Case Studies

The Transporeon Case

Transporeon GmbH is a fast-growing, mid-sized German company with >700 employees, established in 2000. The company’s AI-driven, cloud-based software [...]

Woman and man enjoying a stroll

Case Studies

The Median Case

MEDIAN is the biggest private operator of rehabilitation facilities in Germany with an outstanding reputation. The group operates 122 rehab clinics, [...]

Sign Up for the Newsletter

Development and Execution of a Customized Digital Growth Strategy