The information savvy board agenda should be focused on the performance progress toward the goals, targets, schedules., etc, of the value maximization and performance acceleration.
Information is the lifeblood and one of the most invaluable assets in digital businesses today, technology is often the disruptive force behind digital transformation. Therefore, the corporate board as one of the top leadership pillars need to become information savvy and decision smart.
Avoid being drowned, but proactively learn how to swim in the information sea: Information is the lifeblood and one of the most invaluable assets in digital business today, More specifically, the words like "information" or "data" have a variety of meanings such as colloquial, professional and technical. There is much to be done in terms of having appropriate competencies such as information savvy around the board table to deal with all aspects of governance responsibility. Surviving on information overloading is simply not enough, the board has to swim comfortably in the information sea in order to make effective decisions.
In the era with exponential growth of information, the challenge for the board leaders is how to discern information they trust from information overflow. Discover how and where to find valuable information, not just the information being fed by the management, but to pull out the information they need and also learn what to ignore. Over time, you develop an effective set of filters that help you find new information as well as information you can trust for making strategic decisions. While information is an ingredient of knowledge; in order to interpret information; you need knowledge, and more critically insight for understanding of cause and effect of crucial business issues, and digging beneath the surface to discover the root causes and come up with better solutions. That will give you the confidence to stand your ground and handle the board’s governance responsibilities effectively.
The goal of becoming information savvy is to make sound judgment or effective decisions: Information is the power, you have to apply it at the right time in the right circumstance with the right attitude. "Information" as input to the decision-making does not absolutely determine the decision but allows the decision-maker to exercise their judgment and help them find "the right answer." Information is the lifeblood of business and it drives digital awareness, which can include all of these characteristics such as uncertainty, surprise, difficulty, and entropy, although it can also trigger a sense of confidence, confirmation, validation, and verification. To improve the board effectiveness, the key point is to prepare crucial issues and collect information and feedback even before the meeting starts, and better to invest the time up front to address concerns and achieve a workable agreement. The board of directors as decision makers are the information agent who can master information to capture not only information but also business insight, well mixed with the right amount of guts, in order to make the right decisions at the right time to lead their business forward effortlessly.
Digital BoDs must become information-savvy. They should have a clear vision of what they need to know, and how the information provided pertains to the strategic plan, as well as what they are going to do with that information. The more complex the situation is, the more different approaches and role gaming is needed to reach for gaining in-depth understanding. For the majority of the time, the information savvy board agenda should be focused on the performance progress toward the goals, targets, schedules., etc, of the value maximization and performance acceleration.
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