Wednesday, December 23, 2020

Influence & Inquisitiveness

Contemporary boards play the crucial directorial role in business strategy oversight, performance monitoring, business advising and policy setting. 

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 main purpose of the book “Digitizing Boardrooms -The Multifaceted Aspects of Digital Ready Board is to envision the future of directorship with twenty-three digital boardroom themes; oversee business strategies with digital fluidity, digital mindset, and contextual intelligence and rejuvenate boardrooms via participating in both innovation management and management innovation.

Influence & Inquisitiveness 


Innovation inquiries The board with digital savvy BoDs understand what's required and how as a high-level basis for going digital means to the business. So, they can make a significant impact on accelerating digital transformation with a premium speed. Vision is the destiny, it is basically a qualitative statement defining the "perception" of the organization, the strategy is the roadmap to get there. And innovation strategy is an integral component of the strategy. The effective board as a directorial role oversees the business strategy and provides the guidance about what core to preserve and what future to stimulate progress toward. Here are a few innovation inquiries of digital boards.

Inclusiveness inquiries 
Contemporary boards play the crucial directorial role in business strategoversight, performance monitoring, business advising and policy setting. They are also the mastermind behind the digital transformation. Not only do today’s BoDs need to have sufficient knowledge to understand the digital business ecosystem, but also they need to have the collective insight to present today and foresee the future. The matter of fact is that the changes sweeping the business are hugely disruptive and there is nowhere to hide. Leadership is all about change and directorship is about steering the business toward the right direction. From board composition and refreshment perspective, which challenges do you face, when and how do you tackle the issue of change in the boardroom? And how to build high-performance boards for today and the future?

Inquisitiveness Due to the “VUCA” characteristics of business dynamic, overloading information, and continuous disruptions as the new normal of business expansion, corporate boards should leverage multidimensional lenses to provide an “outside-in” view of the organization and steer the business in the right direction. Analogically, the corporate board's role is about pulling management out of the trees to see the forest. They see the development of strategy as a collective effort between themselves and management, rather than a question of “us versus them.” The corporate board represents ownership, acts as an inquisitive explorer, and they really cannot do a good job if they don't have the knowledge to ask profound questions, challenges and sets broad strategic goals, as well as takes logical steps in practicing GRC disciplines effortlessly.

Ultramodernism 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.

Increments The characteristics of digital business are interdependent, dynamic, volatile, uncertain, hypercompetitive, and people-centric. It requires interdisciplinary management practices and high-level GRC maturity. At the Board level, it requires a strategic and forward-looking perspective, to deal in “VUCA” new normal, “think the unthinkable,” "see invisible," "listen to not being said," “ask the unpalatable question,” and explore the people dimension of GRC to accelerate business performance and maturity.

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