The oversight and commitment from the top at the corporate board level is very important for innovation and business transformation to be successful.
BoD’s Convergent view of past, present, future of business: The corporate board plays a critical role in strategic oversight, policy-making to steer the organization in the right direction. The seasoned board leaders have enriched knowledge and plenty of experience, to understand the organization’s historical roots, articulate the present and envision the future of the business.
Looking back with discernment helps BoDs understand where the businesses are, any immediate gaps or dangers that make the forward view unrealistic. The BoD’s convergent view of past, present, future makes them more future-oriented and optimistic, perceiving “what could be,” The BoD’s synthetic view of corporate knowledge, insight, competency, allows them to understand their business strength & weakness, evaluate the level of capability, business coherence, and maturity, to improve organizational competency for the long run.
BoD’s oversight of levels of innovation excellence: In order to deal with changing environments and fierce competitions, innovation touches broader aspects of organization such as business model innovation, products/services/processes innovation, leadership/culture/culture innovation as it directly impacts growth potential, operational excellence and customer satisfaction. Innovation is too critical to delegate to the management without the corporate board’s oversight. The corporate board can contribute to both innovation management and management innovation. Moving up the level of innovation excellence means developing innovativeness as a state of mind and improving innovation management success significantly.
There are incremental innovations and breakthrough innovations; the broader the scope, scale, and impact of the innovation, the more one leans towards calling such innovation breakthrough or radical. It's no surprise that innovation catches more attention as a strategic priority. Innovation strategy is multi-dimensional, you have to systematically develop the integral innovation capabilities to generate fresh ideas, prioritize and implement them, derisk innovation implementation, and scale innovation effect systematically. Corporate boards as one of the critical leadership pillars should set the tone for practicing creative leadership, cultivate innovation culture, de-bureaucratize innovation processes and monitor innovation performance.
Looking back with discernment helps BoDs understand where the businesses are, any immediate gaps or dangers that make the forward view unrealistic. The BoD’s convergent view of past, present, future makes them more future-oriented and optimistic, perceiving “what could be,” The BoD’s synthetic view of corporate knowledge, insight, competency, allows them to understand their business strength & weakness, evaluate the level of capability, business coherence, and maturity, to improve organizational competency for the long run.
BoD’s oversight of levels of innovation excellence: In order to deal with changing environments and fierce competitions, innovation touches broader aspects of organization such as business model innovation, products/services/processes innovation, leadership/culture/culture innovation as it directly impacts growth potential, operational excellence and customer satisfaction. Innovation is too critical to delegate to the management without the corporate board’s oversight. The corporate board can contribute to both innovation management and management innovation. Moving up the level of innovation excellence means developing innovativeness as a state of mind and improving innovation management success significantly.
There are incremental innovations and breakthrough innovations; the broader the scope, scale, and impact of the innovation, the more one leans towards calling such innovation breakthrough or radical. It's no surprise that innovation catches more attention as a strategic priority. Innovation strategy is multi-dimensional, you have to systematically develop the integral innovation capabilities to generate fresh ideas, prioritize and implement them, derisk innovation implementation, and scale innovation effect systematically. Corporate boards as one of the critical leadership pillars should set the tone for practicing creative leadership, cultivate innovation culture, de-bureaucratize innovation processes and monitor innovation performance.
Corporate BoDs enhance an effective performance-conformance management cycle by setting good policies to encourage fitting mindsets, good attitude, and right behaviors, to improve multifaceted value creation of the company; the corporate board needs to clarify by pondering: How does the organization ensure policy of the direction, the oversight provided, and for the timeliness and caliber of action taken by the governing body. Is policy-making and governance effective enough to improve? So BoDs can make appropriate adjustments, improve their leadership agility to improve organizational performance and conformance for achieving the set goals in a structural way.
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