The Multitude of Perspectives of Digitizing Boardroom
Three “P”s to Digitize Boardroom The Corporate Board is one of the most crucial leadership pillars in modern businesses. Because they have a significantly broad effect on setting business policy, overseeing strategy, tuning business mentality and personality, driving motivation, defining the appetite of innovation, sharpening leadership skills, advocating learning, pulling teams, and improving risk intelligence, etc. However, many boards today still get stuck with a view of the rear mirror mindset and focus on compliance-driven agendas. Digital board directors exemplify leadership influence. Digitalization starts from the top down, here are three “P” words to innovate boards for achieving directorship excellence.
Digitizing the Boardroom with Three “I”s The digital Board is responsible for ensuring an appropriate mix of skills, knowledge, and experience are present or available for it to fulfill its functions. Developing a contemporary digital board is not only about filling with cool-headed, high-professional and high-intelligent BoDs, but also about making good policies, advocating changes, and monitoring the progress to ensure they are leading the business in the right direction. Here is three “I”s to digitize the boardroom.
Three “S” to Digitize Boardroom The digital organization is a living thing with the ability to continually change as the world changes and evolves with an intersecting and interacting business ecosystem seamlessly. If a Board is to fulfill its fiduciary responsibilities to its stakeholders, it needs to take a professional and systematic approach for assessing strategy, prioritizing agendas, advising changes, overseeing risks and keeping track of business performance by applying efficient tools. The corporate board is also the mastermind of the digital transformation by focusing on the following three “S.”
Three “C” Practices in Digital Boardroom Digital transformation represents a break with 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 at 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.
Building the “Three-D” Board to Lead Digitalization: Building a high-effective board is not an easy task because the board plays a crucial role to direct the business in the right direction by dealing with changes, uncertainty, and unknowns. Many BoDs are undereducated about their role and responsibility while the business change is accelerated across the global scope and knowledge life cycle is shortened significantly. For adapting to digital new normal, how to build a “three-D” board to advocate changes and ensure that the board becomes the mastermind behind the digital transformation?
"Digitizing Boardroom" Book Introduction, Slideshare Presentation
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