The business models of Danish companies are being challenged by the exponential growth in development of digital technologies, such as the internet, social media, IoT, artificial intelligence, robotics and 3D printing. Dansk Erhverv have stated that companies must reconsider their competencies and the terms by which they operate and compete during a period of digital disruption. The speed at which the development of digital technology takes place implies a need for processes ensuring that companies will continually relate to the opportunities and threats of new digital technology. With this, adaption to the current digital day and age is no longer a question of individual digital initiatives in the company - rather, it is about developing the company's overall digital business strategy.

The role of the board of directors

The top strategic level, the board, must focus on how the company is influenced by digital development as well as how the company can best utilize new digital technologies to create increased growth and competitiveness. The latest research on digitalization shows that digital competencies are crucial for the use of digital technology. However, in the survey 'The Digital Board' it appears that Danish SME-boards generally lack the knowledge and skills necessary to act strategically and growth-oriented in a new digital market. This is supported by the general experience of teachers at Aarhus BSS, educating SMEs on the strategic role and function of boards.

Project objectives

The project's goal is to create short- and long-term growth by equipping Danish SME-boards to better handle digital initiatives and innovation as part of their strategic management, in order to develop and anchor a strategy. During the process, the project will create new research-based knowledge and tools that help SMEs understand, assess and invest correctly in the opportunities offered by new digital technologies.

Process

The project identifies SME-boards' challenges in generating growth through the use of new digital technology. In addition, three different models for digital competency management in boards are implemented and evaluated in 45 business programmes. Knowledge and tools are communicated to a larger number of SME-boards through a number of activities.

The result is research-based open-source tools that will enhance Danish SME-boards’ ability to develop and anchor a strategy for digital initiatives and innovation, ensuring the company's growth in the short and long term.

The overall goal of the project is to secure that a larger number of Danish SME-boards contribute to creating strategic and digital innovation in Denmark, by implementing and utilizing digital and technological solutions. This will ultimately create increased growth and competitiveness in the segment of SMEs.