Contemporary corporate boards need to become the mastermind behind the digital transformation.
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.
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.Building the Digital Ready Boardroom
The BoDs’ Digital Profiles Due to the “VUCA” digital normality, organizations today have to live up with the business dynamic which is uncertain, ambiguous, complex and flux. Board as high-level governance body plays a crucial role in business advising and monitoring, as well as setting key tones in organizational culture style and leadership quintessential. Corporate boards also need to advocate changes and become the mastermind behind the digital transformation. Hence, today's BoDs should be insightful, influential, strategic, and highly effective. The best fit for the board depends on the Board’s current makeup and culture and which "gap" needs to be filled. Here is a set of digital BoDs profiles.
- A “Balanced” Digital Board: Contemporary corporate boards play the critical role in strategy oversight, business advising, and governance practices. The directorship in forward-thinking organizations must have the capability to guide, inspire and motivate a group of people toward accomplishing shared visions and goal, set the leadership tones to influence digital “mindset,” amplify the digital effect and drive digital transformation. Yin and Yang's balance also needs to be considered in the boardroom in regards to making sound strategic decisions that deliver the real sustainable competitive advantage for an organization. But more specifically, how to build a “balanced” board to fulfill its duty effectively as well as setting the culture tones to achieve digital equilibrium?
- A Board with High Changeability Contemporary corporate boards play a critical role in overseeing strategy, advising management, and monitoring performance. They also set the tone for digital leadership and business transformation. Change is the new normal, the speed of change is increasing in the digital era. However, many well-run and governed organizations often fail to change or innovate and we are seeing the world where challenging change and innovation is a constant threat to established organizations. So, how can the digital BoDs advocate changes and build a digital board with high-changeability?
- A Philosophical Digital Board The shift to digital cuts across sectors, geographies and leadership roles. The digital transformation is now spreading rapidly to enable organizations of all shapes and sizes to reinvent themselves. In fact, Digital Era opens the new chapter of human progress; and philosophy is the compass of human civilization. Digital philosophy is simply in pursuit of a holistic understanding of the hyper-connected digital business world and discover the better way to do things. The function of the corporate board, as the top leadership team and governance body, should be like the digital compass to steer the business towards the right direction. So, how can BoDs apply philosophical digital principles to lead changes, and drive business transformation seamlessly?
Enforcing Digital Acumen in the Board: Modern corporate boards as the top leadership team play a critical role in overseeing strategy, advising management practices and monitoring corporate performance. At the dawn of the digital era, the forward-thinking board also sets the tone of changes in their organizations, and insightful BoDs are the mastermind behind the digital transformation.
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