Monday, November 13, 2017

The Monthly “Digitizing Boardroom” Book Tuning: Board Directors as Digital Practitioners Nov. 2017

The BoDs need to become the mastermind behind digital transformation and change agent to advocate digitalization.

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 be able to advise, inspire and motivate a group of people toward accomplishing shared visions and goals. Here is a set of Digital Board directors' personas.

          Board Directors as Digital Practitioners

  • Board Directors as the Digital Provocateur Digital transformation represents a break from the past, with a high level of impact and complexity. In order to lead today’s hyper-connected digital organizations with the hyper-diverse workforce, board directors should become the digital provocateur to drive changes and set the leadership tone for digital transformation; and the board composition should be synchronized with the digital perspective of the business, to advance its leadership maturity.
  • Three Questions to Assess the Board’s Digital Readiness? The corporate board plays a crucial role in business advising and monitoring, setting key digital tones, and making good policies. To drive changes and advocate innovations, the board needs to digitize and innovate itself, to exemplify leadership influence, and walk the talk in leading digital transformation. Here are three questions to assess the digital readiness of the corporate boardroom.

  • Three “C” Practices in Digital Boardroom Digital transformation represents a break with the past, having a high level of impact and complexity. It takes visionary leadership to drive changes and steer the corporate ship navigating through uncharted water and blurred territories in the right direction. The importance of the corporate board’s responsibility for overseeing strategy, monitoring performance and setting business tone has become much clear at today’s business dynamic with velocity and uncertainty. The BoDs need to become the mastermind behind digital transformation and change agent to advocate digitalization. Here are three “C” practices in the digital boardroom.

  • 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?

  • 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 unprecedented 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.

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