Thursday, January 18, 2018

The Monthly “Digitizing Boardroom” Book Tuning: The Digital Board’s Next Practices Jan. 2018

The corporate board as one of the top leadership pillars plays a crucial role in overseeing strategies, leading changes and digitalization. 

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 a set of Digital Board best and next practices for building a strategic board and getting digital ready.


The Digital Board’s Next Practices

Three “C” Practices in Digital Boardroom Digital transformation represents a break from the past, having a high level of impact and complexity. It takes visionary leadership to drive changes and steer the corporate ship navigating through uncharted water and blurred territories in the right direction. The importance of the corporate board’s responsibility for overseeing strategy, monitoring performance and setting business tone has become much clear in today’s business dynamic with velocity and uncertainty. The BoDs need to become the mastermind behind digital transformation and change agent to advocate digitalization. Here are three “C” practices in the digital boardroom.

Breaking Three Bottlenecks to Digitize Boardrooms The corporate board plays a significant role in overseeing business strategy, setting principles and policies, monitoring performance to get digital ready. They are the advocate for changes and the mastermind behind digitalization. To lead effectively, they are able to break the bottleneck of digitalization and bridge the gap of opportunity between where they are and want to become, cascading the changes from the boardroom to the front line of the company in order to accelerate performance and get digital ready.

What’re the Next Practices of Board Succession Plan Generally speaking, Boards have a couple of main functions such as strategy oversight, governance practices, providing advice to executives, and resource provision, etc. The spirit comes from the top, the board also plays the significant role in setting culture tones and encouraging innovation. At today's business dynamic with digitalization and globalization trend, what’s the elephant in the Boardroom, and how to bring the new blood to digitize the Board? What're the logical steps, the next and best digital practices of Board succession plan?

Three Views to Keep Board Directors Evolving in Exponential Digital Age The corporate board as one of the top leadership pillars plays a crucial role in overseeing strategies, leading changes and digitalization. Adopting a different paradigm is like changing the glasses and new possibilities continue to emerge. Those who look through the lens of the previous industrial era see their own reality very differently from those who leverage the lens that the new era has crafted. Thus, the board directors need to learn and master the multitude of digital views of the business and understand the exponential digital age profoundly.

A Strategic Board One of the most important responsibilities of Board is to oversee the business strategy; however, it doesn’t mean Board itself is being strategic enough. In some cases, Board members time is stretched thin so they do not allocate enough time to understand key issues and in many cases board members are not motivated; others wonder why many Boards aren't active enough to catch the derailment of strategies. More specifically, how to build a strategic board to reach the high level of digital leadership maturity?

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