Digital boards help the business management identify and close decision blind spots, pinpoint decision fatigue, and oversee the decision management scenario to improve decision maturity.
The most important judiciary duty of any corporate board is the oversight of a holistic strategy management of the company through focused leadership, monitor its implementation and performance results, amend wherever necessary to match changing marketplace conditions, and by doing so to ensure the long-term prosperity of the business. In practice, performance management is essentially the decision management, because business managers have to decide, act, measure, adjust, and improve, to manage a healthy business cycle to achieve its vision and strategy. Here is a set of digital board’s inquiries about leadership decisiveness.
The most important judiciary duty of any corporate board is the oversight of a holistic strategy management of the company through focused leadership, monitor its implementation and performance results, amend wherever necessary to match changing marketplace conditions, and by doing so to ensure the long-term prosperity of the business. In practice, performance management is essentially the decision management, because business managers have to decide, act, measure, adjust, and improve, to manage a healthy business cycle to achieve its vision and strategy. Here is a set of digital board’s inquiries about leadership decisiveness.
Are your leaders using data, rather than gut feeling alone, to make decisions? Information and decision-making are intimately connected and interdependent, this is particularly true in the digital era. Decisions are based on information and generate information. Many information-savvy organizations have invested in tools and created teams to make informed real-time decisions. For business leaders, both information and intuition are important for making effective decisions. Because more often than not, the decision-maker must have the business insight to make their decisions rich in information and significantly different from the available data. Information is important, but guts feelings also matter. Information has no value until it is refined and informs decisions, which further helps to optimize various business management, directly or indirectly related to the long-term revenue and organizational responsiveness, performance, and ultimate build a high-intelligent and high-mature digital organization.
Are your leaders disposed to action over analysis and information gathering? There are many considerations in leveraging thinking fast and slow. Sometimes there is no time for analysis. Sometimes the issue is small, and detailed analysis is not worth the effort. However, for important, especially strategic decisions, or if you are in an unfamiliar setting would you step back and look at facts and factors and try to create or consider more alternatives before deciding? The problem with intuitive decision-making is that it can seldom be quantified and so analyzed. It is not so good to go with intuition when it is an excuse not to put in the effort to pay attention to detail and think carefully, particularly we live in the “VUCA” digital era now. Though information as input to the decision-making does not absolutely determine the decision but allows the decision-maker to practice analytical thinking and exercise their judgment.
Are your leaders considering short-term and long-term opportunities that turbulent times create, as well as managing the risks with the long-term goals of the organization? The digital paradigm shift is inevitable. Digital organizations need to keep evolving, renewing, and achieving the state of dynamic balance. Digital is the gigantic puzzle with many misplaced pieces, you have to put them all in the right places to discover the true meaning and unleash its full potential. Organizations today need to constantly improve the business and see change as an opportunity while keeping a holistic overview of the business are the core messages of the text. Therefore, business leaders must be able to consider both long-term opportunities as well as short-term quick wins when making decisions in either strategic or operational level. Moreover, a gap analysis, skills assessment, efficiency & workflow analysis, risk management, knowledge of trends and models that work best to meet the business goals are needed before new digital schemes and designs are created and agreed upon across the business and all shared services/solutions. Decision maturity can directly lead to improving business maturity.
Digital savvy BoDs understand what's required and how as a high-level basis of going digital mean to the business. With many organizations and the society as a whole reach the inflection point of digital transformation, digital board should make wise inquiries to help the business management identify and close decision blindspots, pinpoint decision fatigue, and oversee the decision management scenario to ensure the organization can have the right people getting the right information to make right decisions at the right time to achieve high-performance business results.
0 comments:
Post a Comment