Monday, February 6, 2017

The Monthly Insight of the Board Room: A Digital Savvy Boardroom Feb. 2017

The Board provides an “outside-in” view of businesses and multi-dimensional lenses to oversee and advise business strategy management.

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.


            

 A Digital Savvy Boardroom

  • The Best-in-Class Digital Board? Corporate board as the top leadership team plays a significant role in business advising, leadership exemplarity, policy setting, and governance practices. How to build a best-in-class digital board? Is there any way for shareholders and key stakeholders to evaluate board leadership effectiveness?



  • An Accelerator Digital Board 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 Further-Looking Board: The digital enterprise consists of an amalgam of socio-systems, techno-systems, bio-systems, and Econo-systems. BoDs as the top business advisor role need to have sufficient knowledge to understand the business ecosystem and sense that the digital transformation is multifaceted; they should have the business vision to predict the emergent trend of business, technology or industry. Therefore, to make the role highly effective, digital BoDs not only need to be forward-thinking, they have to be further looking, thinking longer term, guide the executive team toward the right direction and play the management advising role effortlessly.


  • A Systematic Board: The Board provides an “outside-in” view of businesses and multi-dimensional lenses to oversee and advise business strategy management and steer the business in the right direction. The important board activities include advising, monitoring, deliberation, moving the enterprise forward, ensuring the organization makes sense and on the right track to achieve business goals and fulfill the vision. How to run a systematic board and manage so many crucial activities in a structural way?


  • A Prioritizing Board with Digital savvy BoDs: 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 leadership quintessential and talent management. The board needs to retain the ability to capture immediate and future opportunities which will enhance their shareholders’ benefit. And the board has to spread their thin time schedule on the variety of important things. Digital is about the change with the accelerating speed and the abundance of information (often the scarcity of insight), how to build a “prioritizing Board” with digital-savvy BoDs?


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