Digital transformation is an evolutionary journey which means a renewed understanding of the future of business and how to update underlying business values, structures, and cultures.
The senior business leaders such as corporate boards today need to be future-oriented, see further than what all others see; understand issues from new angles, broaden perspectives, deepen perception; predict what will happen and take steps further - what organizations should do upon it.
Corporate BoDs play a critical role in reviewing business visions, mission, and strategy: Vision is the future you want to realize from a coordinated effort. It is your point on the horizon, the mission is focused on the value that the organization brings to its customers and stakeholders. the strategy is how you will get there. As circumstances are changing rapidly, a strategy is a roadmap which needs to be checked and revised constantly, as the strategy itself can encompass many techniques and tools. Senior leadership roles such as board directors are the guiding forces, clarifying visions, overseeing business strategies, identifying blind spots of management discipline or bottlenecks in corporate resource alignment and capacity development, and harnessing communication to the organization’s shareholders.
In reality though, many organizations are inundated with tactical tasks and daily operational duties, they don’t spend enough time on scrutinizing the long term vision, mission, and strategy. Your strategy is the professional breakdown of management philosophy and methodology to achieve something significant and reach the high level of organizational maturity. It is the systematic plan that assists you in employing your efforts towards achieving the desired output; with optimal utilization of available talent and resources in the minimum time possible. The progressive digital boards can provide direction as vision, mission, strategy, as well as leadership skills such as delegation, decision-making, and monitoring. Organizations will be able to let themselves think not only of what exists, how they exist in the business world, being in the business world, to reach the state of business maturity.
The corporate board's role is to clarify business purposes, pull management out of the trees to see the forest by enforcing governance disciplines and steering business transformation: The difference between the mechanistic system and a digital system is the business purpose. The digital organization needs to be purpose driven and people centric. The purpose, embodied in the core value proposition, inspires the vision which defines the mission, informs the strategies to achieve the business goals and objectives. Companies should gain the super consciousness of business purpose, as the purpose itself is a multidimensional system, to keep the business firm, think of the quality of people as systems, organizations as systems, bring greater awareness of intricacies and generate systemic value to accelerate business performance and unlock its full potential.
Digital enterprises are the organizations which have the purposes of their own and the people working there maintain purposes of their own. Business leaders such as corporate board directors interact with customers, employees, partners, and a variety of stakeholders. These interactions manifested with economic, social, political, technical values, etc, tend to be dynamic, so the organizations can continue evolving and adapting, bringing greater awareness of intricacies and generating systemic value to accelerate business performance and unlock its full potential.
Digital innovation is complex, the interdisciplinary innovation approach involves engineering, design, psychology, culture, and sociology, etc. Insightful BoDs can influence the culture of creativity, build an innovative working environment in which people are open to fresh ideas, encouraged to be creative, so the creative energy can flow frictionlessly. Innovation governance needs to set the framework for innovation management, clarify innovation purpose, foster an open culture, oversee innovation variety and velocity, manage risks, steer and sustain innovation to maximize business values.
Digital transformation is an evolutionary journey which means a renewed understanding of the future of business and how to update underlying business values, structures, and cultures. Board directorship is about setting directions and inspiring changes. Corporate board directors can play situational leadership consistently, lubricate shareholders’ relationships; when necessary, break down the old rules, establish new principles, develop the best and next practices for making change happen and sustaining its effect, leading business forward seamlessly.
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