Wednesday, January 11, 2017

The Book "Digitizing Board Room" Monthly Tuning: An Insightful Boardroom Jan. 2017

BoDs need to have sufficient knowledge to understand the business ecosystem, but also they need to have the collective insight to present today and foresee the future.

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 insight to set leadership tones, agility to adapt to changes and build abilities to advise, inspire and motivate a group of people toward accomplishing shared visions and goals.

An Insightful Boardroom

  • An Insightful Board? 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. Not only do today’s BoDs need to have sufficient knowledge to understand the business ecosystem, but also they need to have the collective insight to present today and foresee the future. But how to build an insightful digital board?

  • A Cognitive Board: The corporate board plays a significantly crucial role in exemplifying leadership qualities and practicing governance disciplines, but how to build a cognitive Board to strengthen independent thinking; enforcing the multitude of innovation, capturing profound insight and catalyzing rapid growth at the age of digitalization?

  • A Heterogeneous Board: There is no question that businesses need digital leadership in today's boardrooms, with “VUCA” characteristics of business dynamic, overloading information, and globalization as the new normal of business expansion, all of these bring the significant opportunities and responsibilities for the new breed of digital BoDs, and it is crucial to brainstorm on how to build a highly effective board with a heterogeneous viewpoint, and right mixing of individualism and collectivism nature, to set the tone of directorship with innovation and influence.

  • An Informative Board: Information is the lifeblood and one of the most invaluable assets in digital business today, the corporate board as top governance body plays a significant role in overseeing business strategy and monitor business performance. To connect the dots, can today’s digital board become more information-driven, and IT savvy? But how?

  • A ‘Mindful’ Board: Corporate Boards are there to oversee business strategy, to ensure reasonable governance, and hold the senior executive team accountable for execution. Modern Board as high-level governance body plays the crucial role in business advising, monitoring, and setting key tones in corporate culture as well, these are all significant responsibilities, thus, mindset, more precisely, mind shift or mind flow is so critical to director selection criteria. But what are the characteristics of those mindful BoDs and a mindful board overall?

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