Family enterprises need to move quickly and take a strategic, systematic approach to digital transformation. Developing and implementing a roadmap will help organizations reap the benefits and mitigate the risks associated with digitalization.
Seventy-four percent of the survey respondents expect digital-related factors to have a moderate to transformative effect on their family enterprises. Yet, only fifty-six percent say that they are adopting new technologies or digitalizing. Strong digital capabilities often translates to strong financial performance and family enterprises must catch up.
1. Elevate digitalization to the owner level
Owners play an outsized role in championing an organization’s digital transformation journey, removing roadblocks and overcoming any resistance within the family or employees to the change digitalization brings.
2. Develop your digital-transformation roadmap
A digital transformation plan requires high-level ownership and assessments to guide both incremental and radical innovations. Strong project management and communication will be required to implement the roadmap.
3. Understand and manage cybersecurity risks
Cyber risks will only increase as the world becomes more hyper-connected and digitally enabled. Managing those risks requires comprehensive plans and policies for all aspects of the family enterprise, not just operating companies.