Yin and Yang's balance needs to be considered in the boardroom in regards to making sound strategic decisions that deliver the real sustainable competitive advantage for an organization.
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 shaping a strategic boardroom with digital acumen.
The Corporate Board’s “Balance” Practices
The Corporate Board’s “Balance” Practices The role of corporate board members should always focus on the strategic initiatives of the organization amidst the mounting pressure of governance, regulatory compliance and risk management responsibilities, enable and direct the management towards good outcomes, develop the best and next boardroom practices, and ensure the business is on the right track to reach well-defined business goals.
A “Balanced” Digital Board Contemporary corporate boards play a critical role in strategy oversight, business advising, and governance practices. The directorship in forward-thinking organizations must have the capability to guide, inspire and motivate a group of people toward accomplishing shared visions and goals, set the leadership tones to influence digital “mindset,” and drive digital transformation. Yin and Yang's balance also needs to be considered in the boardroom in regards to making sound strategic decisions that deliver the real sustainable competitive advantage for an organization. But more specifically, how to build a “balanced” board to fulfill its duty effectively as well as setting the culture tones to achieve digital equilibrium?
The Corporate Board’s Unbiased View The digital dynamic creates many blind spots and generates quite a lot of gaps due to its “VUCA” characteristics - velocity, uncertainty, complexity, and ambiguity. Thus, the directorship in forward-thinking organizations must have capabilities to advise and motivate, set the right leadership tone, and develop digital “mindsets.” To steer change confidently, Yin and Yang's balance needs to be considered in the boardroom in regards to shaping the unbiased view for making strategic decisions and improving leadership maturity.
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 a balanced scorecard, and developing the best and next digital practices?
The Hybrid Digital Boardroom With the increasing pace of changes, overwhelming growth of information, and continuous digital disruptions, businesses today need to ride the change waves and catch the rising digital tide timely. Digital organizations today have the hybrid reality with both physical structures and virtual presence, the old way, and the new way of doing things. They need to figure out all sorts of hybrid solutions as well. From a management perspective, digital hybridity means how to strike the right balance of change and stability; innovation and standardization; transaction, and transformation. From the governance perspective, the digital board needs to adopt a hybrid model and take the holistic discipline with mixed leadership styles for steering the business in the right direction.
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