Due to the “VUCA” digital new normal, the directorship in any organization must have the ability to inspire, guide, motivate, and innovate.
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.
The Boardroom Scorecard
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?
The Digital Board’s Balanced Scoreboard Due to the “VUCA” digital new normal, the directorship in any organization must have the ability to inspire, guide, motivate, and innovate. The boards need to keep adapting to changes by the boardroom refreshment and taking advantage of effective tools to improve the board effectiveness. A well-balanced scorecard measuring key strategic performance indicators such as the business finance health and performance, process effectiveness and efficiency, innovation and learning capacity of the company, and customer satisfaction, etc, can provide board directors both information-based stories and holistic pictures for improving digital fluency and directorship influence and maturity.
What’re on your Digital Transformation Scoreboard Forward-looking organizations are on the journey of digital transformation. How would you calculate the digital maturity score of your organization? Which management metrics should you apply to measure the progress of changes? Proactive or reactive? On the track or too slow? Healthy or sick? The balanced scorecard is a strategic performance management tool that can be used by managers to keep track of the execution of activities by the staff to monitor the consequences arising from these actions. So, what is on your digital transformation scoreboard?
Take a Balanced Scoreboard Approach to Making a Leap of Digitalization The purpose of managing performance is about setting performance measurement to evaluate the status of strategy management, making objective assessments, adjusting plans, setting metrics, evaluating performance and understanding results. Digital is not a one-dimensional technology upgrade only, it is a multi-dimensional business expansion. A well-balanced scorecard measuring key strategic performance indicators provide the management team both a data-based story and a holistic picture on how to fix critical issues and make a leap of digitalization.
The Benefits and Pitfalls of Score Board Scorecards are the performance management tool that compares strategic goals with results. This tool allows management to keep track of strategy implementation by aligning performance with goals. The balanced scorecard is the balanced scorecard model offers a way for a corporation to gain a wider perspective on its strategic decisions by considering the impact on finances, customers, internal processes and employee satisfaction
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