Wednesday, December 18, 2019

The Monthly “Digitizing Boardroom” Book Tuning: The Corporate Board’s Priority and Responsibility Dec. 2019

 The corporate boards, as one of the most critical leadership pillars in modern organizations, play the crucial dual role of guidance and governance, to make the high impact on the digital paradigm shift.

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 corporate board's priority and responsibility .


The Corporate Board’s Priority and Responsibility 


The Digital Corporate Board’s Top Priorities and Responsibilities The corporate directorship is the leadership discipline to steer the organization in the right direction. Whereby the BoD assumes the dual role of guidance and governance steering, whilst leaving the day-to-day leadership/ management process in the hands of the C-level executives. The new breed of BoD as the directorial role should be able to think outside the box, bring a fresh viewpoint to pinpoint the possible blind spots and improve leadership maturity. Here is a set of digital corporate board’s top priorities and responsibilities.

Is Reputation the responsibility of the Board The organizations across the globe face more pressure and ambiguity these days, as media continues to report "reputational" surprises’from some prestigious companies, and more organizations work hard to sustain their brand, but how to manage organizational reputation, and is reputation the responsibility of Board?

Building the High Impact Digital Board with Dual Roles of Guidance and Governance The fast-paced changes and overwhelming growth of information can bring both significant opportunities for business growth and unprecedented risks businesses have to deal with. Organizations today are not mechanical systems keep spinning in a static business environment, often go nowhere. Digital businesses are organic living things need to continue growing in an expanding business ecosystem with high velocity and hyper-complexity. Therefore, the corporate boards, as one of the most critical leadership pillars in modern organizations, play the crucial dual role of guidance and governance, to make the high impact on the digital paradigm shift.

A Prioritizing Board with Digital savvy BoDs
The board in a high-level leadership position plays a crucial role in business advising and monitoring, as well as setting key digital tones in leadership quintessential and talent management. The board needs to retain the ability to capture immediate and future opportunities which will enhance its shareholders’ benefit. And the board has to spread their thin time schedule on the variety of important things. Digital is about the change with the accelerating speed and the abundance of information (often the scarcity of insight), how to build a “prioritizing Board” with digital-savvy BoDs?

The BOD's Three Oversights of Digital Transformation The beauty of the digital landscape is a fresh insight into the business. The digital paradigm is an emerging ecosystem of principles, policies, and practices that set limits or boundaries, also offer the guidance for problem-solving or creating something new under the digital rules, keep information flow and achieve a state of dynamic balance. An effective board enables and directs management towards good outcomes, and ensure the business is on the right track to reach well-defined business goals. What are important oversights the board can offer about digital transformation, and what are the possible governance methods, techniques, structures, etc, help to improve the boardroom effectiveness?

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