The Corporate Board as Digital Shaper
Five Senses of Digital Board The corporate board oversees strategy, monitors performance, sets policies, advises management and plays an instrumental role in leading business transformation seamlessly. The digital-savvy board has to gain digital awareness, shape digital mindset, leverage five senses, and exercise creativity muscles in order to improve digital fluency and leadership effectiveness.
The Digital Boardroom Guidance: The Three Legs of the Stool The key dimensions of corporate board’s responsibilities include, but not limited to strategy oversight, policy-making, performance monitoring and executive advising - understanding accountability of business environment - regulatory, shareholder, etc. Highly effective boards can sense emergent opportunities and predict potential risks, prioritize and put significant efforts into governance and risk management, to steer the business ship in the right direction and achieve high-performance business results.
The “Futuristic” Digital Board? When we jump into the digital future of “VUCA” new normal –Volatility, Uncertainty, Complexity, and Ambiguity, the digital leadership today must be able to steer the organization in the right direction. Corporate boards today mostly composed of seasoned business executives are no longer just the controller to ensure business compliance, they should have a clear business vision to predict emerging trends in the business, technology or industry. So, they can guide the executive team in the right direction and play the management advising role effortlessly. To discuss further: What is the profile of the “futuristic” digital boards, what’s the business insight those boards can offer and what are the great benefits they can provide for the business’s long-term prosperity?
The BoDs as the Digital Rule-Maker The purpose of the board of directors is to direct the organization in the right direction. The board directors as senior directorial roles have both privilege and responsibility to “talk the walk,” make the good policies or set digital principles to drive changes and lead digital paradigm shift. The board of directors is the digital rule-maker for getting the business management digital ready.
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