The corporate board of directors as the de facto guardians of modern organizations consisting of insightful, independent, and reputable business leaders plays a critical role in defining the business landscape with its risks and opportunities.
Real strategic differences are difficult or even impossible for competitors to imitate. The corporate board’s strategic oversight is critical to identify and strengthen the weakest link and provide invaluable advice to the management on how to put things together in order for implementing strategies and building business advantage.
Corporate board’s oversight of business capability maturity: Organizational capability maturity is an important business differentiator to improve the effectiveness of strategy management. Corporate boards oversee strategic planning, good strategic planning today is dynamic, helping organizations extract the maximum value from their portfolio of organizational capabilities. A good strategic planning informs decision-making at multiple levels, to drive strategic alignment and optimization. The multitude of organizational capabilities expands the business horizon to take a different path for reaching the “to-be” state. Effective boardroom governance ensures that the management stays focused on top prioritized business activities, build a unique set of business capabilities to achieve high performance results.
Processes underpin business capabilities; there are particular stages where the business process becomes more of a differentiator. Business processes that are dynamic and nimble can make a competitive difference for a company to achieve long term advantage. The board’s oversight of key processes at strategic level ensures core processes are intelligent, dynamic, and goal-driven to build differentiated business competencies for unlocking performance. Strong process governance also allows the advantages of standardization, decrease in duplication of effort, decreased risk of violations that can occur.
Corporate board’s oversight of Information Technology: All forward-thinking companies across the vertical sectors think they are in the information management business. Forward-looking organizations weave information technology as an integral part of strategic plans, many corporate directors, and senior executives would like boards to have a more frequent and constructive role in information technology investment oversight. As the differentiation provided by innovative information technology usually is more long-lived than differentiation provided by marketing actions that can be copied easier. Corporate boards need business-technology-savvy strategic thinkers among their ranks, to proactively invest in strategic information management solutions in order to run a smart organization.
Great opportunities, dangers, and disruptions are around every corner, information is also something that can hinder the achievement of strategic objectives, having it unavailable, lost, stolen, or compromised. To keep information flow and capture the business insight from it, more attention needs to be placed on the conditions that allow information or knowledge to move around and generate multifaceted business value. Corporate board’s oversight of information technology enhances business GRC disciplines and practices, improving business agility and maturity.
Corporate board’s oversight of user experience and people-centricity: It’s the age of people; people-centricity is a strategic imperative and user experience is a competitive advantage for businesses across the vertical sectors. The hyper-connective nature of digitalization brings convenience, making business prospects and existing customers more selective and much more demanding. Digital consumers do expect to be treated personally. Quality products are a prerequisite, but excellent customer care and customer centricity makes the difference.
People-centricity is the very characteristics of running an effective business today. Assuming the company has great products/services, creating meaningful, relevant, and compelling differentiation in the mind of customers is the challenge. The customer experience is put at front and center in business management and is finally getting its true place on the podium. It’s important to know how customers have impressions on their experiences of products or services which can create meaningful, relevant and compelling differentiation in their mind amazingly. This is the foundation that the business brands are built on, and it is worthy of the corporate board’s time for oversight and advice.
One size cannot fit all. Competitive differentiation will be essential in some sectors and less important in others, and in some areas of the business and less so in others. The corporate board of directors as the de facto guardians of modern organizations consisting of insightful, independent, and reputable business leaders plays a critical role in defining the business landscape with its risks and opportunities; providing the guidance about what core to preserve and what future to stimulate the business progress forward, enhancing the variety of business governance and steering their company in the right direction.
Corporate board’s oversight of business capability maturity: Organizational capability maturity is an important business differentiator to improve the effectiveness of strategy management. Corporate boards oversee strategic planning, good strategic planning today is dynamic, helping organizations extract the maximum value from their portfolio of organizational capabilities. A good strategic planning informs decision-making at multiple levels, to drive strategic alignment and optimization. The multitude of organizational capabilities expands the business horizon to take a different path for reaching the “to-be” state. Effective boardroom governance ensures that the management stays focused on top prioritized business activities, build a unique set of business capabilities to achieve high performance results.
Processes underpin business capabilities; there are particular stages where the business process becomes more of a differentiator. Business processes that are dynamic and nimble can make a competitive difference for a company to achieve long term advantage. The board’s oversight of key processes at strategic level ensures core processes are intelligent, dynamic, and goal-driven to build differentiated business competencies for unlocking performance. Strong process governance also allows the advantages of standardization, decrease in duplication of effort, decreased risk of violations that can occur.
Great opportunities, dangers, and disruptions are around every corner, information is also something that can hinder the achievement of strategic objectives, having it unavailable, lost, stolen, or compromised. To keep information flow and capture the business insight from it, more attention needs to be placed on the conditions that allow information or knowledge to move around and generate multifaceted business value. Corporate board’s oversight of information technology enhances business GRC disciplines and practices, improving business agility and maturity.
People-centricity is the very characteristics of running an effective business today. Assuming the company has great products/services, creating meaningful, relevant, and compelling differentiation in the mind of customers is the challenge. The customer experience is put at front and center in business management and is finally getting its true place on the podium. It’s important to know how customers have impressions on their experiences of products or services which can create meaningful, relevant and compelling differentiation in their mind amazingly. This is the foundation that the business brands are built on, and it is worthy of the corporate board’s time for oversight and advice.
One size cannot fit all. Competitive differentiation will be essential in some sectors and less important in others, and in some areas of the business and less so in others. The corporate board of directors as the de facto guardians of modern organizations consisting of insightful, independent, and reputable business leaders plays a critical role in defining the business landscape with its risks and opportunities; providing the guidance about what core to preserve and what future to stimulate the business progress forward, enhancing the variety of business governance and steering their company in the right direction.
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