Great boards consist of outstanding directors who are able to “rowing together in the boat,” toward the destination via a clear vision and strong governance practices.
The purpose of the governing body, or board of directors, is to direct and control the organization to accomplish its judiciary duty -corporate governance and steer the business in the right direction. Due to the “VUCA” characteristics -complexity, uncertainty, ambiguity and velocity of the digital era, the directorship in any organization becomes more critical and challenging. Here is a set of corporate board director’s digital profiles.
Strategic communicator: Communication is the leadership style to amplify your positive influence. It is increasingly important for business leaders such as board directors to clearly communicate their values and purpose through strategic communication. Strategic communication includes the conversations about strategies with the goal-driven conversations - laser focusing on problem-solving and keeping the end in mind. It also refers to understand modern communication styles and the skills to craft messaging for a varying global audience. If communication has to develop fully, it is essential that the person communicating should be equally aware of what he/she wants to communicate, how he/she communicates and above all ensure that he/she has communicated correctly. BoDs need to educate themselves by hearing different views about the organization, its environment, and strategic alternatives, collecting reliable information to help the management set broad strategic goals. The strategic conversations must be followed (with some flexibility) at every board session to ensure that management follows and does not "forget" the strategy. The BoDs need to practice multidimensional thinking and gain a deeper understanding of the enterprise in order to be a credible actor in the strategic dialogue. The bellwether BoDs can master strategic communication and provide excellent feedback which gives the top management accurate information to improve; great questions to self-aware; and keen insight to help the organization innovate, grow and mature.
Digital accelerator: Organizations large or small are on the journey of digital transformation, speed matters because the digital era upon us means the increasing pace of changes and exponential growth of information. Speed matters because it directly impacts the responsiveness of the business and the effectiveness of business strategy management. The business speed can only be accelerated with a clear vision, strong leadership, laser focus, and distinctive capabilities. The digital savvy board directors understand what's required and how as a high-level basis of going digital mean to the business. To accelerate changes, digital leaders should both understand the psychology behind the change and the art and science of change management. They have the advantage of pulling enough resources and pushing the business model of information technology and enforcing leadership trustworthiness to accelerate performance, make a significant impact on accelerating digital transformation with premium speed. Furthermore, the corporate board leaders must have an in-depth understanding of the digital dynamic and practice open leadership to drive the business forward confidently. Just like a steering wheel that can’t accelerate the speed of the vehicle directly, but by navigating the better pathway, it may shorten the distance or save the energy, to reach the destination promptly.
Governance champion: The purpose of the governing body, or board of directors, is generally known as “corporate governance.” There are four key dimensions of corporate governance which are accountability, strategy, policy, and monitoring. Governance is a sophisticated process which facilitates the successful functioning of an organization while ensuring there are adequate controls in place to operate responsibly in accordance with its values but not to the extent of restricting the aspiration to achieve its vision through an ambitious mission and actions. While “corporate governance” can be modeled in general terms, and while certain aspects of corporate governance are heavily regulated in some jurisdictions. Good governance must ensure organizations running in the right direction and create an excellent performance at the right speed, especially for long-term business growth, to ensure the best fit between short-term profitability and long-term sustainability. It is important to emphasize that governance is fundamentally about having a systematic approach to set strategies, objectives, and policies of the organization, either directly or through some levels of delegation to management, for mastering digital fluency and making a leap of digital transformation.
Organizations need to hunt for qualified and independent Board members who are aware of their responsibilities and duty to the shareholders and have a good understanding of the organization's strategic direction and its business alternatives. Great boards consist of outstanding directors who not just provide a critique of the ideas they are presented with, but they are able to “rowing together in the boat,” toward the destination via a clear vision and strong governance practices. The challenge also includes converting vision to clear marketing and executable management processes and lead a smooth digital transformation effortlessly.
Digital accelerator: Organizations large or small are on the journey of digital transformation, speed matters because the digital era upon us means the increasing pace of changes and exponential growth of information. Speed matters because it directly impacts the responsiveness of the business and the effectiveness of business strategy management. The business speed can only be accelerated with a clear vision, strong leadership, laser focus, and distinctive capabilities. The digital savvy board directors understand what's required and how as a high-level basis of going digital mean to the business. To accelerate changes, digital leaders should both understand the psychology behind the change and the art and science of change management. They have the advantage of pulling enough resources and pushing the business model of information technology and enforcing leadership trustworthiness to accelerate performance, make a significant impact on accelerating digital transformation with premium speed. Furthermore, the corporate board leaders must have an in-depth understanding of the digital dynamic and practice open leadership to drive the business forward confidently. Just like a steering wheel that can’t accelerate the speed of the vehicle directly, but by navigating the better pathway, it may shorten the distance or save the energy, to reach the destination promptly.
Organizations need to hunt for qualified and independent Board members who are aware of their responsibilities and duty to the shareholders and have a good understanding of the organization's strategic direction and its business alternatives. Great boards consist of outstanding directors who not just provide a critique of the ideas they are presented with, but they are able to “rowing together in the boat,” toward the destination via a clear vision and strong governance practices. The challenge also includes converting vision to clear marketing and executable management processes and lead a smooth digital transformation effortlessly.
0 comments:
Post a Comment