Sunday, May 21, 2017

The Digital Board’s Digital Inquiries

The digital board’s digital inquiries intend to stimulate creativity and brainstorm the breadth and depth of digital transformation.

Corporate Boards have a couple of main functions such as strategy oversight, performance monitoring, leadership advising, governance practices, and resource provision. A high performing board would be performing all those roles in a way appropriate to the best interests of the organization and becoming the mastermind of digital transformation. Here is a set of digital savvy boards’ digital inquiries for leading business change in a structural way.

If the digital capability is dispersed, does it have the depth, resources, and cohesiveness to be effective? Do people work across functions to share best practices and ideas? The dynamic business environment organizations find themselves involving today is especially challenging as compared to years past. Competition is fierce and in many industries, products are becoming more commoditized putting pressure on pricing, margins, and investable budget dollars. And building capabilities becomes a constant process irrespective of the economic conditions. However, the business silos (information silo, structure silo, silo mentality, etc.) inherited from the industrial age are often the barriers to building high mature digital capabilities which are based on cross-functional interaction and process integration. The technological advancement will continue to help develop the integral digital capability. Businesses should leverage the emerging digital technologies to break down silos, in building the new breed of digital capabilities which are rigor, not rigid, standardized, but not lack innovativeness; disperse, but also cohesive. Technology actual shifts the efficient frontier out, rather than reaching an "efficiency" along the curve. Organizations are becoming smarter at reaching consumers, in a targeted and deliberate way, and consumers are becoming smarter at consuming and providing direct feedback to the organization. Hence, the well-run companies can leverage business resources and assets for building and tuning their cohesive set of business capabilities, also share the best and next practices to amplify their effect, for enabling strategy execution and catalyzing business growth and innovation.

Does the business possess the ability, desire, and discipline to cope with change along the way, no matter what happens? We live in a world where change is the norm and if we (either individual or business) don't embrace it, accept it, roll with it or make it happen, we're not going to be successful. Change is inevitable, change is not a one-time isolated initiative, but an ongoing business capability. A digital board with high-changeability can navigate the business toward the uncharted water and drive change more confidently. Digital boards should oversee Change Management because it is an overarching management discipline, and it often goes hand-in-hand with Strategy Management. Change is complex, change/culture management is an interdependent ecosystem that includes many business factors. It encompasses extensive planning, outreach, communications, the discovery of concerns/objections /potential points of failure, addressing fears and resistance, developing a shared vision, communicating valid and compelling reasons for cooperation, recognizing change champions and driving business success. The leadership team such as boards and top executive teams must push the change agenda, but pull the resources to achieve it.
How to discover the talent for future business growth and business transformation?
It’s very important for any high performing organization to get the best alignment and leverage the great human potential that exists or is needed to achieve great business results and to tap into the passion of the people! Digital boards should set the tone for talent development and management. Corporations must take full responsibility for developing their workforce, creating career growth opportunity, and making their human assets ready for the next business advancement and organizational thriving. The future looks to have more real-time sharing of information and knowledge across industries and professions of the likes we have not seen yet. Social computing provides a convenient platform to engage diverse and intellect minds in brainstorming, co-creating knowledge, sharing insight, and co-solving our common challenges. So, organizations can discover the talent based on their expertise and influence, and explore the alternative digital channels for talent recruiting and development.

The digital board’s digital inquiries intend to stimulate creativity and brainstorm the breadth and depth of digital transformation. In today's work environment, change is happening at a more rapid pace. No one will have all answers, the success of digital transformation is based on open leadership, seamless collaboration and collective effort. And digitalization a journey full of adventure, with planning, innovating and executing.


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