IT savvy board expands its leadership horizon for gaining a better understanding of their business’s performance and potential and advancing their “directorship” for getting digital ready.
The corporate board is moving up their directorship maturity from a compliance focus to performance-driven, from “keeping things in order,” to “advocating change and innovation. “ Nowadays, contemporary digital boards play the directorial role in driving changes, overseeing business strategy, and monitoring business performance. They are also the “mastermind” behind the digital transformation with an information savvy and technology-friendly attitude.
The corporate board is moving up their directorship maturity from a compliance focus to performance-driven, from “keeping things in order,” to “advocating change and innovation. “ Nowadays, contemporary digital boards play the directorial role in driving changes, overseeing business strategy, and monitoring business performance. They are also the “mastermind” behind the digital transformation with an information savvy and technology-friendly attitude.
IT savvy board encourages the senior management team to understand the critical role of the IT in achieving business performance and maximizing the business potential: As technologies permeate into every corner of the organization and information provides invaluable foresight to enable business growth. The digital boards today need to ask more insightful questions about information and technology because leading companies across industrial sectors claim they are in the information management business. Technology is often the disruptive force of digital transformation. Information could be one of the most time-intensive pieces of innovation puzzles. Given how applying IT is becoming so intrinsically important to so many different enterprises across industrial sectors. IT is no longer just as an isolated function or back-office utility only. Nowadays, IT has to add more business value and improve both the top-line business growth and bottom-line efficiency. Digital BoDs today need to become information friendly and technology-savvy, they should encourage the senior management team to understand the critical role of the IT in the future of business as well. It is also healthy for the BoD and Senior Management to honestly assess their company's performance and potential, and how their oversight of IT investment which is often costly and risky, can help to accelerate business performance and unleash the organizational potential for the long term.
The board’s oversight of information management agenda helps to highlight the strategic perspective of IT and empower IT leaders to lead the digital transformation: The matter of fact is that the change is inevitable and the speed of change is increasing due to the exponential growth of information and robust digital technologies. The board oversight of information-driven innovation agenda will directly impact business growth and organizational competency in the long run. The IT-savvy board directors as the top business advisor role make a significant influence on business changes and digital transformation, and how the business perceives IT, as a trustful business partner or just a support function. When IT leaders are invited to the big table, and information agenda has been review thoroughly, organizations can take a big leap on the journey of digital transformation. That will also help the board improve its own maturity to the advancing level for getting digital ready.
The IT-savvy corporate board also has a great impact on the business ecosystem woven by information technologies nowadays: Digital disruptions are inevitable, and digital transformation is unstoppable. As board directors, one of the fundamental accountability is to phrase your contribution, or potential contribution, in the economic, technological, social and environmental ramifications of the organization's activities. The digital ecosystem is so information-intensive and technology-driven. It seems that the industry sector is already an outdated concept. All forward-looking organizations claim they are in the information management business. The board's role, in large part, is to make information-based good decisions that enhance the value creation for the organizations. Further, IT is not a function that can be handled only inside the IT department or by IT managers only, it takes brainstorming and empowerment from the boardroom to collective effort and collaboration cross-functionally. In fact, IT savvy board can have a greater impact on the digital ecosystem woven by information and technology.
Great boards are heterogeneous, informative, inquisitive, intelligent, effective, innovative and influential. Organizations rely more and more on information & technology. IT becomes so critical to the success of the organization nowadays. IT savvy board expands its leadership horizon for gaining a better understanding of their business’s performance and potential and advancing their “directorship” for getting digital ready.
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