Wednesday, July 20, 2016

The Monthly Insight of Digitizing the Board Room: Running a Digital Ready Corporate Board July, 2016

The board in a high-level leadership position plays a crucial role in business advising and monitoring, as well as setting key digital tones in digital transformation.

At today’s “VUCA” digital dynamic, organizations face both unprecedented opportunities to grow and great risks & hyper-competition to survive. Therefore, corporate board plays a more significant role in overseeing business strategy, setting principles and policies, and making the judgment on and assurance of corporate action within a framework of practical knowledge. So how to run a digital savvy board and improve digital organization maturity.

        Running a Digital Ready Corporate Board

  • Three Aspects in Digitizing the Boardroom: Due to the increasing velocity and variety of changes in the digital era, corporate board, as one of the most significant governance bodies, also faces the rapid changes, including new perspectives of boardroom composition, unprecedented board dynamics, and emergent best or next digital practices. In short, digitizing the boardroom is inevitable, because as the top leadership team, the board just has to step into the digital vision, exemplify digital leadership effectiveness, and walk the talk in driving the business transformation.

  • Digitize Boardroom: A Professional Board: The corporate board plays an important role in strategy advising, governance oversight, leadership exemplifying, culture tuning, talent management influencing. The contemporary board also moves from the industrial mode to digital mode: from emotional to effective, from monitoring to participating; from controlling to information savvy. More specifically, how to run a professional board?

  • A Reflective Board: Digital means change. The changes are touching every industry and activity, they have yet to produce a wave of response at board level as well. The contemporary corporate board as top leadership team plays a significant role in overseeing business strategy, making appropriate policies and exemplifying leadership effectiveness. Although the majority of BoDs are senior leaders with the industrial expertise and knowledge, in order to adapt to changes, they have to be in a continuous self-reflective mode to make an objective assessment of board competency, effectiveness, and performance.
  • Five Focal Points of Digital Board Room: The modern corporate board plays a significant role in guiding the business toward the right direction and achieve the expected business result. Due to the complexity, uncertainty, ambiguity and volatility of the digital age, the directorship in any organization must have the agility to adapt to changes, and build the ability to advise, inspire and motivate a group of people toward accomplishing shared visions and goal.

  • A Digital Savvy Board: Organizations today have to live up with the business dynamic which is uncertain, ambiguous, complex and flux. The board in a high-level leadership position plays a crucial role in business advising and monitoring, as well as setting key digital tones in organizational culture style and leadership quintessential. With more and more organizations are on the journey of digital transformation, what are important perspectives to build a digital savvy board?

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