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Rraonleadership: the Year of the Digital Leader Rraonleadership: the Year of the Digital Leader The Quarterly RRAonLeadership: The Year of the Digital Leader RRAonLeadership: The Year of the Digital Leader Welcome to the first issue of the RRA Quarterly—a collection of timely and thought-provoking articles, interviews and surveys that address the concerns of global leaders today. Our first issue focuses on perhaps the most disruptive force now at work in the business world: digital transformation. Managing digital transformation particularly is challenging because it requires companies to rethink what “digital” means in the first place and how they respond to it. Ten years ago, digital basically was a set of platforms and technologies—web sites and e-commerce and so on. Today, it’s not just entirely new products and services but, more important, a completely different set of relationships among companies, customers, suppliers and other stakeholders, driven by shared information, fluid decision making and flattened hierarchies. It tests not just what leaders do but what leaders are. The spoils go to those who can best imagine state-of-the-art products and creative relationships—and then successfully rewire their enterprises as needed. Not surprisingly, those with a track record of success at this are few and far between— and not always found in the places you might think.This issue’s articles on chief digital officers, digital leadership across the C-suite and the next generation of e-commerce grew out of our ongoing conversations with some of the world’s most innovative and successful executives. We hope these insights contribute to the discussions within your organization as well. The Quarterly Table of Contents 4 Do You Have the Digital Leaders You Need? These days, you can’t have a business conversation without discussing digital—social, local, mobile, big data, the cloud. But that’s just talk. 6 Got Digital? Digital Matters: The digitization of information is causing market disruption, upending traditional business models and changing the way people interact. As a result, organizations across sectors and regions of the world need leaders – starting in the boardroom – who can help frame the strategy to transform the business and leverage digital technologies effectively. 10 The Rise of the Chief Digital Officer The challenges and opportunities for businesses in this digital age are enormous. Companies need to be fleet-footed to keep pace with changing technology and consumer behavior. 14 The Search Is On: Seven Questions to Ask When Recruiting E-commerce Leaders As business shifts into E-commerce 3.0, corporate leaders and hiring executives at consumer retailers, as well as organizations in financial services, technology, healthcare, government and even nonprofit, are seeking guidance on the kind of talent they need to lead their e-commerce businesses. 20 The Future of Automotive Leadership: From Car Guy to Mobility Leader It’s not easy these days being an automotive executive. More than ever, they must apply multi-phase thinking and take courageous action to adapt a strategy for success in a changing environment—and that’s just the beginning of what is expected of them. Do You Have the Digital Leaders You Need? These days you can’t have a business conversation without discussing digital — social, local, mobile, big data, the cloud. But that’s just talk. We wanted to discover what companies are really doing about this new world, so we analyzed the backgrounds of the CEOs and directors of America’s largest companies. The answer is surprising. Only nine companies — less than two percent of the Fortune 500 — are what we would call “highly digital.” To be highly digital, by our definition a company must pass four tests: it generates a high percentage of revenues digitally; its leadership (both the CEO and the Board) has deep digital experience; it does business significantly enabled by digital channels; and it’s recognized as transformational in its industry. If you narrow the scope to the Fortune 100, the data are still relatively weak. Seven percent of companies are highly digital. Perhaps, more surprisingly, only 13 percent have highly digital boards of directors. You might focus exclusively on company leadership, but, of course, boards matter: they provide strategic counsel to the CEO and, crucially, they plan for CEO succession. To guide companies in innovative ways, boards must know what innovative looks like. It’s clear the tide is turning — and it’s turning fast. We believe it’s no coincidence that the largest and most successful companies in our economy are leading this change. Just consider what some established companies have done recently to address their digital capabilities gap at the highest levels of leadership and governance. At HP, Meg Whitman, the former CEO of eBay, has moved from board director to CEO. At old line retailer JCPenney, Ron Johnson, the former head of Apple’s retail operation, was recently appointed CEO — though the news of late calls into question how well these marriages of new and old worlds will fare. Predictably, companies with the most digital boards are in sectors of the economy where digital matters most, either because it’s the core of the business or because it’s disrupting the core business. It’s no news to confirm that technology companies — such as Amazon, Apple, Cisco, Dell, HP, Google, Intel, Microsoft, and Oracle — have boards awash in digital expertise. Perhaps the most significant finding is that there are boards on their way to becoming highly digital in sectors where you would least expect them, such as consumer packaged goods: the boards at Pepsi and Procter & Gamble. In retail, there’s Wal-Mart. In distribution, there’s Ingram Micro and Sysco. In financial services, there’s Berkshire Hathaway. And in services, there’s FedEx — though you might argue that FedEx has always operated as a highly digital company that happens to have planes and trucks attached. Given the increasing influence, even dominance, of social and mobile technologies, we expect to see a similar evolution take place in more “unlikely” sectors: healthcare, industrial goods, natural resources. 4 | Quarterly Report At the board level, when done right, certain patterns emerge: leading companies have jumped in with both feet. Leaders have recruited between two and four directors (or more) with hands- on or board-level digital experience. A token digital director is no longer sufficient. While many recruits are digital CEOs, companies are widening their aperture to consider more youthful, non- CEO candidates. Disney added Sheryl Sandberg of Facebook; Wal-Mart added Marissa Mayer of Google; and eBay has added Katie Mitic, also of Facebook. In other cases, candidates are coming from non-public, venture-backed firms. Some CEOs are learning by doing. Bill Ford of Ford Motor is a director at eBay; and Bob Iger of Disney serves as a director of Apple. If you’re in a leadership role at an F500 company, we think it’s clear where your priorities should lie. Those companies “born digital” — such as Amazon, Google, and Facebook — inevitably have top talent to match their businesses. Companies in technology, media, and communications, for example, which have not attracted such talent, are paying the price. Just look at the damage done to high-tech players in the mobile industry when leadership misses a major technology trend like the advent of the smartphone. So what should you do about this? If you’re leading the show, it’s high time to make a clear-eyed gap analysis and course-correct accordingly. If you’re in middle management, start lobbying for leadership to match the challenges your company will face. Here are some pointers from what we’ve learned: ■■ Recruit at least one digital director to your board. You have to start somewhere. We cannot imagine how a company could fail to benefit from such experience, perspective, and guidance. ■■ Not all digital experience is created equal. Make sure your prospective C-level or director candidate is aligned with the types of digital opportunities and challenges your company faces. ■■ Within your executive team or your board, identify the functions where the impact will be greatest; then make sure you have a candidate who has the capabilities to align with those functions. ■■ No board director or senior executive will have impact, no matter the expertise, without cultural fit. This is an eternal verity, but it applies here. Finally, ask yourself the obvious question: do you want to be a leader or a follower? Our research shows that the winners are those who’ve tackled these key issues early and decisively. Over the next couple of years, we predict enormous changes in C-suite and board composition based on digital chops. The question is clear: Do you have the digital leaders you need? Authors Jeffrey F. Rayport is an Operating Partner at Castanea Partners, a private equity firm focused on retail, information, and marketing services. Tuck Rickards is Managing Director, Technology and Digital Transformation, at Russell Reynolds Associates. Quarterly Report | 5 Got Digital? Digital Matters Market Disruption. The digitization of information is upending traditional business models, changing the way people interact: ■■ Publishing: ebooks replacing paper ■■ Retail: online purchasing lowering brick-and-mortar sales ■■ Music: artists selling directly through iTunes Dig•i•tal [dij-i-tl] Universal Impact. All organizations across every industry are impacted in some way: the translation of analog information ■■ Marketing: “mass customization” of advertising (numbers, words, ■■ Operations: supply chain optimization sounds, shapes, images and more) ■■ Customer service: self-service into electronic data that easily Growing Expectations of Corporate Leaders. Shareholders, employees and customers can be stored and increasingly demand that their leaders understand and leverage digital technologies effectively shared across networks and across the business. devices. “Highly Digital” Defined “ Highly Digital” companies satisfy … and are in short supply.
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