Wednesday, February 20, 2019

The Monthly “Digital Boardroom” Book Tuning: Shaping Digital Board from Mindset to Altitude Feb. 2019

The Corporate Board is one of the most crucial leadership pillars in modern businesses. 

 Modern corporate boards play significant roles in guiding businesses in 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 are the multiple perspectives of digitizing boardroom.

    Shaping Digital Board from Mindset to Altitude

A ‘Mindful’ Board Corporate Boards are there to oversee business strategy, to ensure reasonable governance, and hold the senior executive team accountable for execution. Modern Board as high-level governance body plays the crucial role in business advising, monitoring, and setting key tones in corporate culture as well, these are all significant responsibilities, thus, mindset, more precisely, mind shift or mind flow is so critical to director selection criteria. But what are the characteristics of those mindful BoDs and a mindful board overall?

Three “Altitudes” in the Boardroom Digital organizations are dynamic, self-evolving, and self-perpetuating. When jumping into the digital future of “VUCA” new normal –Volatility, Uncertainty, Complexity, and Ambiguity, digital leaders today must be able to steer the organization in the right direction. As one of the top leadership pillars, the corporate board plays a critical leadership role in setting guidelines, envisioning the future of business, and empowering changes.

Shape a Strategic Boardroom by leveraging Balanced Scorecard and Developing Digital Practices The corporate board is one of the most critical leadership pillars in modern businesses. The level of the board accomplishment may vary but the essential competencies will remain the same, BoDs need to be insightful, strategic, effective, and influential. In reality, the time of board members is stretched too thin so they do not allocate enough time to understand strategic issues and many boards aren't active enough to catch the derailment of strategies. In practice, how to shape a strategic boardroom by taking a rational approach, leveraging balanced scorecard, and develop the best and next digital practices?

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.

Three Aspects in Digitizing the Boardroom Due to the increasing velocity and variety of changes in the digital era, corporate board, as one of the most significant governance bodies, also faces the unprecedented changes, including new perspectives of boardroom composition, unprecedented board dynamics, and emergent best or next digital practices. In short, digitizing the boardroom is inevitable, because as the top leadership team, the board just has to step into the digital vision, exemplify digital leadership effectiveness, and walk the talk in driving the business transformation.?

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