Saturday, May 14, 2016

The Monthly Insight of Digital BoDs: Running a Digital Savvy Corporate Board May, 2016

BoDs with a cognitive difference can make better decisions, and digitize Boardroom with creativity

At today’s “VUCA” digital dynamic, organizations face both unprecedented opportunities to grow and hyper-competition or great risks to survive. Therefore, corporate board plays a more significant role in overseeing business strategy, setting principles and policies, and making the judgment on and assurance of corporate action within a framework of practical knowledge. So how to run a digital savvy board and improve digital organization maturity?

       Running a Digital Savvy Corporate Board (Slideshare Presentation)

  • A High-Performing Board: Corporate Board plays a significant role in overseeing organizational strategy, practicing governance and exemplifying leadership disciplines. However, most of the boards still operate on a traditional approach to recruiting for expertise and executing its function; what’s the paradigm shift in building a high-performing Board, and how to create the synergy, trust, and confidence of BoDs?

  • An Innovative Board: There are different types of boards around, some Boards are "working Boards" and have to provide hands-on advice, information, and oversight; other Boards have a more strategic purpose in advising the corporate oversight. Many Boards are often stuck with a view of the rear mirror mindset, looking at the past quarter results, supervising the audit, and reviewing a budget of the coming months. Does Board overall spend enough time on planning for the future -that means dealing with innovation choices?

  • A Learning Board  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 the new perspective of boardroom composition, the priority of boardroom agenda, the stakeholder engagement, as well as the merging strategies or risks driven by the latest digital technology. So what kind of board should be ideal, and how to shape a culture of “learning board” in adapt to the speed of changes?

  • A Value Added Board: Corporate Board is one of the most significant governance bodies in modern businesses. Generally speaking, Boards have a couple of main functions such as strategy oversight (input, review, etc), governance practices (monitoring, risk management), service (providing advice & support to executives), and resource provision (opening their networks etc.). However, from industry research, very low percentage (less than 30%) of BoDs understand how their organizations create value. This is an absolutely abysmal statistic and is reflective of the fact that the most public company boards have not correctly understood what their primary responsibility is. What’re the principles and practices to run a value-added digital board though?

  • An Adaptive Board: Corporate Board plays a significant role in over-sighting strategy and practicing governance discipline. The board needs to retain the ability to capture immediate and future opportunities which will enhance their shareholders’ benefit. What makes a board adaptive and effective has to do with cognition, skills, and attributes of BoDs, and that is the most difficult to access. With the increasing speed of changes and unprecedented business velocity and uncertainty, what is the composition of the board in terms of minds, skills and experience need to be in order to add value to achieving the shareholders' expectations? And how to build an adaptive board with learning agility and complementary capabilities and skills to lead through the ongoing changes and radical digital transformation?

Twelve Digital Themes of Board Room Presentation

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