Sunday, September 11, 2016

The Monthly Insight of the Board Room: “Digitizing Boardroom” Book Summary Sep, 2016

 A digital-ready board has the advantage of pulling enough resources and pushing the business model of innovation and mastering with digital fluency.

Modern corporate boards play significant roles in guiding businesses toward the right direction and achieve expected business results. Due to the “VUCA” characteristics -Complexity, Uncertainty, Ambiguity and Velocity of the Digital Era, the directorship in any organization must have the agility to adapt to changes, and build abilities to advise, inspire and motivate a group of people toward accomplishing shared visions and goals.

“Digitizing Boardroom” Book Summary

-Envision the future of directorship with twenty-three digital boardroom themes.

-Oversee business strategies with digital fluidity, digital mindset, and contextual intelligence.

-Make policies and effective decisions on transforming boards from conformance to performance driven.

-Rejuvenate boardrooms via participating in both innovation management and management innovation.

-Highlight the importance of building IT friendly and technology-savvy digital boards.

-Develop the best and next governance practices towards achieving corporate excellence.

-Advocate digital fitness and innovate people management to become “Talent Master.”

-Set digital culture tones, and fine-tune processes to make boards highly effective and highly

  • Chapter 1 The Digital Themes of Boardrooms: With many organizations and the society as a whole reach the inflection point of digital transformation, the modern corporate board as one of the top governance bodies plays a crucial role in setting business leadership tones and driving the organization’s digital transformation with the variety of digital themes.

  • Chapter 2 A Strategic Board: The board plays a critical role in overseeing business strategies, it is important to keep the board strategically focused. Also, the board as the top leadership team advises business strategies, it doesn’t always mean the Board itself is being strategic enough. The board represents the ownership and they really cannot do a good job if they don't have the knowledge to challenge and set the broad strategic goals.

  • Chapter 3 A Performance-driven Board: Corporate Performance Management (CPM) has many descriptors and understandings globally. However, there is universal agreement that best practice performance management frameworks should inform the board, management, staff and key stakeholders on the performance of the organization in delivering services or programs efficiently, in achieving organizational outcomes effectively and in making the progress towards achieving sustainability effortlessly.
  • Chapter 4 An Innovative Board: The Boards of Directors are interactive change agents that represent the organization, stockholders, and senior management. No longer are boards sitting in a room and just voting on various policies. It is one of the requirements of the Board members to participate, or even lead, in constantly suggesting areas of innovation since their vistas are likely to be wider, and also because the Board should be highly accountable for strategies for the future of the company. The board plays a crucial role in both innovation management and management innovation.

  • Chapter 5 An IT Friendly Board: Information is the lifeblood and one of the most invaluable assets in digital businesses today, technology is the disruptive force behind the digital transformation. IT is the business catalyst. More often than not, IT directly impacts on strategy shaping. Therefore, Digital BoDs need to become more information savvy and technology smart.

  • Chapter 6 A “Governance Champion” Board: Business governance is the other important responsibility of the corporate board. Governance is a sophisticated process that if well executed, will lead to better decisions. It will allow not only to protect the existing value but also to create new value for its shareholders.

  • Chapter 7 A “Talent Master” Board: People are always the most invaluable asset in businesses. Digitalization and globalization have a huge impact in the business world, and talent has become the defining theme of this new digital paradigm. “Hiring the right person for the right position at the right time,” is the mantra of many forward-thinking organizations. However, very few organizations have well-crafted people or human capital strategy as an integral element in their business strategy. The question is: The Board as a top leadership team to oversee strategy and innovate people management, how can you set good policies to value people in multidimensional ways?

  • Chapter 8: A Culture-Savvy Board: Many think boards do not pay enough attention to the culture within the company, since culture or subcultures can undermine strategy, they certainly should be concerned and seek assurance that the culture is aligned with the strategy and the values that form the foundation of the culture are aligned with the expectations of customers.

  • Conclusion: Building a Digital-Ready Board: Evaluation, analysis, and strategic planning for the long term should top the list in the digital board’s agenda. A digital-ready board has the advantage of pulling enough resources and pushing the business model of technology, trustworthiness, prepare and launch change, innovation, and mastering with digital fluency to make profound leadership influence.
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