5 Steps for Creating a Digital Advisory Board

In an ever-evolving digital landscape, companies are increasingly realizing the need for strategic guidance to navigate technological complexities. While traditional boards of directors make overarching decisions, the role of the digital advisory board is becoming paramount. This structure, made up of experienced experts known as digital advisory board members, plays an important role by offering a keen understanding of the intricacies of technology, cybersecurity, and digital marketing.

In this article, we delve into the basic concept of a digital advisory board, revealing its importance in managing a business in the dynamic digital age. We’ll explore the unique role of digital advisory board members and, more importantly, provide a comprehensive guide with five key steps to building an effective digital advisory board. Stay tuned to learn how to create a strategic structure that will help your organization thrive in the digital sphere.

What is a Digital advisory board?

The Digital Advisory Board is a dynamic collective of seasoned experts providing strategic advice on the nuances of today’s digital landscape. This group of experienced Digital Advisory Board members offers invaluable insights in technology, cybersecurity, and digital marketing, guiding companies through the complexities of the digital age. Unlike traditional advisory boards, the Digital Advisory Board specializes in the digital realm, tailoring its expertise to address specific challenges and opportunities in the digital landscape. Organizations are creating a digital advisory board with a clear mission, selecting digital advisory board members based on their expertise in areas such as artificial intelligence and emerging technologies. In response to evolving trends, companies are shaping their digital advisory board to include professionals with precise skills that provide a strategic advantage in navigating the ever-changing digital landscape.

Digital Advisory Board vs. Вoard of Directors

To navigate the corporate landscape, you need to understand the difference between a digital advisory board and a board of directors. While both contribute to strategic decision-making and advice, the differences between the two are key. A board of directors typically consists of internal employees elected by popular vote, fostering a sense of internal governance. In contrast, a digital advisory board is an external organization made up of experienced professionals hired on an interim basis. The focus is on expertise in the digital domain, covering technology, cybersecurity, and digital marketing. The selection process is different: shareholders and executives elect board members, while digital advisory board members are self-selected by company executives. Recognizing these differences ensures a holistic approach to governance and strategic guidance in a dynamic digital landscape.

IT consulting is about more than code and systems; it’s about solving real-world problems and creating value for clients.

Tim Cook

Why are Digital advisory boards important?

Understanding the importance of a digital advisory board is paramount in an ever-evolving digital landscape. Digital advisory boards play a critical role in moving companies forward by providing expert advice on technology, cybersecurity, and digital marketing.  In an environment of constant digital disruption, these councils, comprised of experienced digital advisory board members, serve as beacons, anticipating trends, identifying opportunities, and mitigating risks. Their importance is heightened for small or emerging companies seeking a competitive advantage. The adaptability of digital advisory boards is a key advantage, allowing companies to easily induct new members with specialized expertise. This keeps organizations not only informed but also at the forefront of evolving business processes and industry trends, ultimately driving sustainable growth and efficiency.

How to create a Digital advisory board

Creating a robust digital advisory board involves strategic steps:

1. Identify your mission

The first important step in creating a successful digital advisory board is to define your company’s mission carefully. Crafting a clear and concise mission statement is essential, as it serves as the compass that defines your organization’s goals and values. The mission statement becomes the foundation upon which your digital advisory board will be built, articulating the specific goals and values that drive your business. This clarity is invaluable when presenting your intentions to potential digital advisory board members. By understanding and articulating why you are creating a digital advisory board, you can strategically seek out experts whose skills align with your mission, ensuring that the knowledge gained is precisely targeted to your organization’s goals.

2. Use your network

Leverage the power of your professional network while building an elite team of digital advisory board members. Networking is a cornerstone of business, creating connections between industry professionals and opening up career and employment opportunities. Use your network to reach out to professionals you already know and ask them to recommend experts in specific digital areas. Familiarity with your network is a strategic advantage, allowing you to trust people whose expertise aligns with your mission. This collaborative approach will not only strengthen your digital advisory board, but also foster a sense of shared purpose among its members. By leveraging your network, you’re not just creating an advisory board, but building a community of digital visionaries who can ensure your organization’s success.

3. Hire advisors with different expertise

When forming a digital advisory board, prioritize the diversity of expertise among the appointed advisors. Given that the board plays a key role in shaping business decisions and operations, it is important to assemble a team with a wide range of skills and knowledge. Look for advisors with diverse backgrounds in areas such as finance, marketing, and business strategy to ensure that all aspects of your digital landscape are fully covered. The synergy of different perspectives and specialties enriches a digital advisory board, offering subtle nuances regarding specific aspects of your company that may need improvement. By assembling a diverse team of experts, you not only increase the effectiveness of your digital advisory board members but also enable your organization to make informed strategic decisions amidst the multifaceted challenges of the digital age.

4. Keep it small

Show good judgment when creating a digital advisory board by intentionally making it small. Opting for a compact size increases the intimacy and efficiency of the board. A small team of digital advisory board members, each a respected expert in their field, can collaborate seamlessly, offering focused advice and contributing diverse ideas to discussions. The benefits of a small board are seen in its ability to stay on task, streamline advisory processes, and maintain clarity of communication. By avoiding the pitfalls of size, a small and nimble digital advisory board becomes a powerful hub for strategic thinking, ensuring that each member’s expertise is maximized and that collective impact is fine-tuned to address the specific digital challenges and opportunities facing your organization.

5. Stay organized

Careful organization plays an important role in the creation and operation of a digital advisory board. Given the multifaceted nature of advisory boards, taking a systematic approach will ensure that the board effectively accomplishes its goals. Establish a structured system to keep organized by documenting information received from digital advisory board members and keeping written records that will serve as a valuable resource. Schedule the advisory board on a regular basis, ensuring timely and productive meetings that align with the organization’s goals. Maintain seamless communication between board members and the leaders with whom they work, facilitating the exchange of information and ideas. A well-organized approach not only increases the effectiveness of the digital advisory board but also enhances its impact in moving the organization toward digital success.

Conclusion

Creating and managing a digital advisory board is not just a strategic move; it is a necessity in an ever-changing digital landscape. The role of experienced digital advisory board members is paramount in guiding companies through the complexities of technology, cybersecurity, and digital marketing. From defining your mission and leveraging your network to building a diverse team and staying organized, we’ve covered the essential steps – building a solid digital advisory board is the cornerstone to succeeding in the digital age. At Ficus Technologies, we understand the critical importance of a well-structured digital advisory board. Our team specializes in providing end-to-end solutions that assist organizations in building and managing effective advisory boards. 

Sergey Miroshnychenko

CEO AT FICUS TECHNOLOGIES

My company has assisted hundreds of businesses in scaling engineering teams and developing new software solutions from the ground up. Let’s connect.