Innovativeboardoversight ~ Future of CIO

Wednesday, December 29, 2021

Innovativeboardoversight

10:42 AM Pearl Zhu 1 comment

Governance is about guidance, values, and principles governing the company's commercial activities for achieving high-performance results.

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.

Innovative Oversight

Innovativeoversightofbusinesscompetency Businesses across industries face fierce competitions and ever-changing marketing dynamic, they have to build unique competencies that differentiate themselves from competitors. Differentiation is an effect accomplished by having a sustainable competitive advantage to the market. Cosmetic differences or the differences which can be easily copied or surpassed by competitors should not be the essence of a strategy.

Unlockperformanceviastronggovernance Governance is about doing the right things to ensure business effectiveness; it is about guidance, values, and principles governing the company's commercial activities for achieving high-performance results. Governance is a collective mindset; and can be used to raise visibility and awareness for many things that are captured at the different levels of the organization. There are varying degrees of understanding of the scope of corporate governance and the distinction between corporate governance responsibilities and management responsibilities. Governance is a management enhancement tool and a learning tool that needs to be well understood and reinvented for improving business management commitment and maturity.

Innateprofessionaloversightofbods In a world of rapid changes, governance is a discipline which continually requires stroking and attention. Otherwise, it will stagnate and lose its ability to steer the business in the right direction. The corporate board of directors as the de facto guardians of modern organizations consisting of experienced, insightful, independent, and reputable specialized generalists, plays a critical role in business governance and steering their company in the right direction.

Innovationgovernance As businesses get more cut-throat in an ever-changing environment, innovation is the light all forward-looking organizations are pursuing. However, innovation management has a considerably low percentage of success rate. As there are learning curves and various barriers on the way. In some cases, the hard components such as systems, processes, or technology that many organizations are using to capture innovation value are becoming inefficient in this rapidly changing world; in other cases, the soft factors such as communication, culture, leadership are not effective, becoming the very obstacles to innovation management. Thus, governance is critical for meaningful innovation.

Innovationleadershipagenda We live and share such a beautiful planet together. It's the co-responsibility to deal with common problems and drive evolutionary changes we all want to see. It is a strategic imperative for today’s leaders to embrace the broader view of global society for shaping a transformational vision, co-set a global innovation agenda which covers global leadership development, human capital/potentiality exploration, people-centric problem solving at global scope, risk management, and it is closely related to several other disciplines as well.