Thursday, January 26, 2017

An Accelerator Digital Board

Speed matters because digital means the increasing pace of changes and exponential growth of information.

Corporate Board plays a significant role in overseeing organizational strategy, setting policies, practicing governance and exemplifying leadership disciplines. The board also has to strike the right balance between acceleration and governance. The board with digital savvy BoDs understand what's required and how as a high-level basis of going digital mean to the business, so they can make a significant impact on accelerating digital transformation with a premium speed.  And it all starts at running an accelerator digital board with following aspects.


The accelerated mindset: The corporate board as a top leadership team plays a significant role in steering the business to the right direction; at today’s “VUCA” digital new normal, it is not an easy task to direct the large business ship to the uncharted water and blurred business territories, BoDs must have learning agility for continuously updating knowledge, be open minded for enjoying the fresh point of view, and be able to reach the high level of knowledge pyramid -information -knowledge to insight to wisdom. With the fast pace of changes, the most important function of any board is the oversight of a holistic company strategy and execution through focused leadership, monitor its implementation and results, amend wherever necessary to match changing marketplace conditions. Hence, an accelerator board can ride above the learning curve quickly via staying focus, setting discipline, and strengthening the strength. These BoDs can also exemplify accelerated leadership - authentic, innovative, audacious, intelligent and adaptive for driving changes seamlessly. The BoDs with accelerated mindset can solve critical business problems more creatively, and practice digital leadership with vision and passion.


Accelerating performance: The boards have to both oversee strategy management as well as practice governance disciplines. BoDs need to strike the right balance between performance and compliance. That means they have to show the organization is “playing to win,” not just trying not to lose - with accelerating performance. More specifically, the board’s role, in large part is to make good decisions that enhance the value creation for the organization. They need to focus on their own performance as well as the performance of the management team. Leadership is situational. Perhaps one of the dilemmas of the modern board is that at one time, they need to push the gas pedal to accelerate the business speed; at the other time, they will be the brake for practicing governance discipline. Still, it is not about stopping the corporate vehicle, but ensure it’s running at a premium speed, that organization produces a worthwhile pattern of good results while avoiding an undesirable pattern of bad circumstance. It is running at a steadfast pace, out beat competitions, still full of energy.


Accelerating digital transformation: Organizations large or small are on the journey of digital transformation, speed matters because it reflects the organizational change capability and directly impacts the responsiveness of the business and effectiveness of strategy management. The Board provides an “outside-in” view of businesses and multi-dimensional lenses to oversee and advise business strategy and execution. To accelerate digital transformation, BoDs start with big and compelling reason WHY - to clear the vision and fuel the passion. When the WHY gets clarified, go straightly into the WHAT - not about micromanagement, but about clarifying responsibility and accountability. And then touch the significant part of HOW - not about trivial details, but for deepening understanding. If needed, also follow up with WHO: Who is accountable for a vision for the change? Who is initiating the change? Who is providing change adoption strategy? Who leads the execution of change? Ask ‘CORE’ questions in terms of accountability when talking about a digital transformation, it can impact the core, enable and support capabilities of the business. You need to understand that if talking about the business at core enabling and supporting level, in that case, accountability comes from managers at core, and the business performance is accelerated via the accountability of management and cohesiveness of business capabilities.


Speed matters because digital means the increasing pace of changes and exponential growth of information. An accelerator board with digital-savvy BoDs equipped with growth mindset has the advantage of pulling enough resources and pushing the business model of technology, trustworthiness to accelerate performance; prepare and launch change, innovate, and master digital fluency to make a leap of digital transformation.  




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