Innovativeoverseer ~ Future of CIO

Tuesday, November 1, 2022

Innovativeoverseer

6:12 PM Pearl Zhu No comments

Corporate governance is about how well an organization is being run, whether it is in the right direction, as well as its overall problem-solving competency.

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 Overseer

Innovativeoverseer The hyperconnectivity nature of digital breaks down the functional, geographical, industrial territories, businesses today become much more interconnected and interdependent than ever. To survive the fierce competition and thrive with the long-term business advantage, holistic oversight is crucial to identify crucial problems, strengthen the weakest link in business management, laser focus on the most critical perspectives in order to steer the business in the right direction, and ensure business success in the long run.

Initiateboardgrcoversight Governance is like the steering-wheel to ensure organizations run in the right direction and head to the destination. Good governance is less about structure and rules than being focused, effective and accountable, with a great impact on corporate performance.

The Board Director’s Digital Profile Digital boards are like the steering wheel of the organization, leading the business to step into the deep "VUCA" digital new normal with uncharted water and blurred territories, in order to reach the final destination. Board directors as the top business leadership and directorship role need to build the solid thinking blocks; have sufficient expertise and unique insight to understand the business and its ecosystem via the multidimensional lens, technically, scientifically, economically, holistically, and culturally. Their knowledge must be updated and their viewpoint should be objective, otherwise, the outdated perceptions could enlarge leadership gaps and stifle business progress. Building the best fit board depends on the board’s current makeup, culture and which "gap" needs to be filled. Here is a set of board director’s digital profiles.

The BoD's Strategic Oversight The modern digital board has many responsibilities, and also gets a lot of distractions. The corporate board’s strategic oversight is crucial to identify and strengthen the weakest link in strategy management, laser focus on the most critical perspectives to steer the business in the right direction, and ensure business success in the long run.

Initiateboardoversight In the face of “VUCA” reality with dynamic change and fierce competitions, the open digital paradigm is not just about opening your technology, processing your information; it's a new paradigm shift from process driven industrial economy to people-centric innovation era.