Smart Business Day Namics: Business Transformation - so what?

Stefan Michel from IMD in Lausanne during his eloquently presented practical example.

In his introduction, Tim Dührkoop, the moderator of Namics, reviewed the ten years of this event. It was exciting to see how the main topics have fundamentally changed over time. From managing product data to customer experience and net promoter score to digital strategy. This year's event was held under the motto: Digital Business Innovation - and the stage was set for Stefan Michel from IMD in Lausanne.

Bossard - we make screws...

This introduction may sound unspectacular, but Stefan Michel, as a member of the board of directors of this company, was able to make it clear to what extent the digital strategy and, above all, intensive discussion in the board of directors are critical to success. In his absolutely non-professorial manner, Michel first of all made it clear under what conditions one can speak of digital transformation. Digital transformation means radical change - within five years, 80 percent must be new. Everything else can be described as optimization.

For Michel, the balance between "run the business" and "change the business" is also very central in a change process. This is a particular challenge for the board of directors, especially in a listed company like Bossard, where the majority of shares are still held by the family. Stefan Michel's closing statement can certainly be taken as a lesson: "If a strategic decision doesn't hurt, it's not a strategic decision!"

Digital competence on the board of directors - at a loss?

No - the boards of directors are no longer completely clueless when it comes to digital competence. But the fact remains: The level of expertise in this area is far from the target profile. In the following practical contributions, it became clear on the one hand how great the need to catch up is with regard to the topic of AI, for example. That said, it does not mean that board members have to be AI professionals, but a basic understanding of this must be expected.

This is not least because companies like Google, Amazon or Facebook etc. have been investing massively in this topic for years and have thus created a relevant competitive advantage that is difficult to catch up with.

MK: In your presentation today, you promote the importance of digital strategy - where does Switzerland stand in this regard?  

Stefan MichelAccording to the latest IMD ranking, Switzerland is in a good 5th place in terms of digital fitness. Our country owes this ranking to three reasons: Our top educational institutions, the influx of international professionals and the need for differentiation due to the high price level.

What hinders Switzerland most in its digital development?  

The fact that even today master's degrees are awarded by universities without the students being able to prove that they have spent at least six months abroad is something I find worth considering. For us Swiss, international experience is a key competence that we must promote (or demand).

To what extent would a (temporary) eighth Federal Council for Digital Affairs help?

This is indeed an exciting idea, but it should be noted that such a Federal Council can only have the desired effect in conjunction with a relevant ecosystem. Such a nomination would certainly have a signal effect as far as the importance of the topic is concerned. And the temporary restriction would soon disappear.

What question have you wanted to answer for a long time - but hasn't been asked yet?

The topic of pricing from a strategic point of view is not addressed in sufficient depth - and I'm not talking about the technology aspect, but about economics.