Thursday, October 12, 2017

The Monthly “Digital Boardroom: 100 Q&As” Book Tuning: How to Innovate the Boardroom Oct. 2017

10:38 PM Pearl Zhu No comments

The digital boards show the constructive skepticism for brainstorming changes and advocating innovation.

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 agility to adapt to changes and build abilities to advise, inspire and motivate a group of people toward accomplishing shared visions and goals. Here is the monthly “Digital Boardroom” summary about how to innovate the boardroom.

How to Innovate the Boardroom via Inquiries

The Digital Board’s Digital Innovation inquiries The board with digital savvy BoDs understand what's required and how as a high-level basis of going digital mean to the business. So, they can make a significant impact on accelerating digital transformation with a premium speed. Vision is the destiny, it is basically a qualitative statement defining the "perception" of the organization, the strategy is the roadmap to get there. And innovation strategy is an integral component of the strategy. The effective board as a directorial role oversee the business strategy and provides the guidance about what core to preserve and what future to stimulate progress toward.

A “Skeptical Board” to Advocate Innovation The Corporate Board plays a critical role in business strategy oversight, monitoring execution, advising digital transformation, and setting tones for talent management. The boards are also transforming from compliance-driven to performance oriented to get digital ready. In practice, the board's role is to pull management out of the trees to see the forest; to understand the business landscape and how it will address it; to continue questioning on important issues where the management's answers do not make sense, and to show the constructive skepticism for brainstorming changes and advocating innovation.

Digital Tuning: How to Innovate Boardroom The primary role of the director is to provide strategic oversight, setting governance principles, and making the judgment on an assurance of corporate action within a framework of practical knowledge. If they do their jobs right, the executives and management team can do their jobs in a well-orchestrated fashion as well. Innovation is one of the crucial components of the corporate strategy, which role the BoD should play in both management innovation and innovation management? Or the first step first, how to innovate Boardroom?

The Digital Board Composition/Refreshment Inquiries Contemporary boards play the crucial directorial role in business strategy oversight, performance monitoring, business advising and policy setting. They are also the mastermind behind the digital transformation. Not only do today’s BoDs need to have sufficient knowledge to understand the digital business ecosystem, but also they need to have the collective insight to present today and foresee the future. The matter of fact is that the changes sweeping the business are hugely disruptive and there is nowhere to hide. Leadership is all about change and directorship is about steering the business toward the right direction. From board composition and refreshment perspective, which challenges do you face, when and how do you tackle the issue of change in the boardroom? And how to build high-performance boards for today and the future?

The New Book “Digital Boardroom: 100 Q&As” Conclusion: Build an Inquisitive Digital Board Organizations today have to live up with the business dynamic which is uncertain, ambiguous, complex and flux. The board of directors as the de facto guardian of modern organizations has an important role to play in steering the organization toward the uncharted water and blurring business territories. To improve directorship effectiveness, the corporate directors are senior leaders, shall they ask or answer questions? How shall they ask good and pertinent questions for governing changes and driving digital transformation? And how to build an inquisitive digital board to get digital ready?