Wednesday, August 5, 2020

The Monthly “Digitizing Boardroom” Book Tuning: Knowledgeable BoDs as “Interdisciplinarians” Aug. 2020

There are quite clear processes for the interaction between management and the board; oversight, supervision, development, and mentoring of management, typically at the higher executive levels.



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 developing board talent and shaping the digital boardroom.



Knowledgeable BoDs as "Interdisciplinarians"  

 


The BoD’s Knowledge Fit The corporate board plays a significant role in overseeing business strategy, setting effective principles and policies, making sound judgments and assurance of corporate actions within a framework of practical knowledge. Not only do today’s BoDs need to have sufficient knowledge to understand the business ecosystem, but they also should have the collective insight to present today and foresee the future.

BoDs as Interdisciplinarians We live in a world in which change is the norm and if we don't embrace it, accept it, roll with it, or make it happen, we're not going to be successful. The digital enterprises with hyper-connected and interdependent nature are breaking down the functional, geographical, or even organizational border, in fact, businesses today become much more nonlinear, interactive, and intelligent than ever.

Develop the Corporate Board with Digital Acumen Digital organizations are complex systems that are dynamic, self-evolving, self-adaptable, and self-perpetuating. Digital dynamics with “VUCA” characteristics create many blind spots in decision-making and generate quite a few gaps for change and digital transformation. Thus, digital corporate board directors with strategic acumen are in strong demand for helping the business in strategy development and performance monitoring..

The Ultra-Modern Corporate Board with Three “Digital Powers” Due to the complexity, uncertainty, ambiguity, and volatility of the digital era, the directorship in any organization must envision the future boldly and influence changes proactively. There are quite clear processes for the interaction between management and the board; oversight, supervision, development, and mentoring of management, typically at the higher executive levels.

Build an Information-Savvy Board to Thrive in the “VUCA” World Information is the lifeblood and one of the most invaluable assets in digital businesses today, technology is often the disruptive force behind digital transformation. Therefore, the corporate board as one of the top leadership pillars need to become information savvy and decision smart.

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