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.
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. How to shape a digital board for driving changes effortlessly and leading to the future confidently?
Shaping Digital Board for Leading to the Future
Five Trends to Shape Up the Digital Board Businesses large or small across the industrial sectors are on the long journey of the digital transformation. Metaphorically, the company is like a ship, the sea is the ecosystem environment, the old world is the past, and the new digital world is the future. The corporate board takes tremendous responsibilities for steering the business ship through uncharted water, so you don't have any choices but to change your sails to move forward in the right direction. The path for digital transformation can be iterative, evolutionary, revolutionary, or disruptive, can you predict the future trends and catch the upcoming tides, shape up the digital board for leading change confidently?
Build a Future-Oriented “Synthetic Board” The directorship in the modern organization plays a significant role in business advising, strategy oversight, and performance monitoring, etc. Due to the “VUCA” characteristics -Complexity, Uncertainty, Ambiguity, and Velocity of the Digital Era, BoDs should also set tones for changes and digital transformation. An effective board needs to practice synthetic leadership, enables and directs management towards good outcomes, advocate synthetic problem-solving, and ensure the business is on the right track to reach well-defined business goals and maximize its digital potential.
A Board with High Changeability Contemporary corporate boards play a critical role in overseeing strategy, advising management, and monitoring performance. They also set the tone for digital leadership and business transformation. Change is the new normal, the speed of change is increasing in the digital era. However, many well-run and governed organizations often fail to change or innovate and we are seeing the world where challenging change and innovation is a constant threat to established organizations.
The Further-Looking Board The digital enterprise consists of an amalgam of socio-systems, techno-systems, bio-systems, and Econo-systems. BoDs as the top business advisor role need to have sufficient knowledge to understand the business ecosystem and sense that the digital transformation is multifaceted; they should have the business vision to predict the emergent trend of business, technology or industry. Therefore, to make the role highly effective, digital BoDs not only need to be forward-thinking, but they also have to be further looking, thinking longer term, guide the executive team toward the right direction and play the management advising role effortlessly.
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?
"Digitizing Boardroom" Book Introduction, Slideshare Presentation
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