Initiativesofbods

A high performing board would be performing all those roles in a way appropriate to the best interests of the organization.

Organizations across the industrial sectors are on the journey of business transformation. The abundant information and the latest digital technologies open the new possibilities to communicate and collaborate cross-border seamlessly. Innovative BoDs should bridge a variety of differences, guide the senior management team through effective questioning, coaching, advising, and assessment of the business strategy execution, and bring the fresh insight of corporate governance.

Corporate boards play a significant role in making sound judgment on and assurance of corporate decision and action within a framework of enterprise knowledge: Organizations become more complex, the important issue is how the corporate board accommodates diverse opinions and assesses them and converges the diverse thought into effective decisions all BoDs support. Boards decision assessment is part of strategic oversight because the overall strategy management is decision management and performance management continuum. Heterogeneous corporate boards with cognitive differences, are open-minded and set the right tone for the culture of innovation.

Corporate board should complement the executive team's cognition and skills for improving decision effectiveness. with the goal to improve the corporate board decision effectiveness and leadership maturity. An insightful outlook helps to gain an in-depth understanding of cause and effect based on the identification of relationships and behaviors within a model, context, or scenario of business transformation. Independent BoDs are not tied to the company as the executives, they are able to apply critical thinking skills to make impartial decisions and make objective assessment of corporate strategy management.

Organizational boardroom oversight of business strategic planning helps to improve business agility: An important function of any corporate board is the oversight of a holistic company strategy and execution through focused leadership, laser focus on the most critical perspectives to steer the business in the right direction. The board of directors should take an outlier's lens to criticize the business strategy by questioning wisely, identify and strengthen the weakest link and determine how each part of the organization, including all of the key functions must "put it all together" to be successful in bringing tangible business results.

BoDs need to work along with senior management to ponder: what could make your vision cloudy and how to clarify it etc; Where is the business potential? What strategy, product or initiative is not evident now but, with a few adjustments or redirection, can emerge? The business can benefit from a 'Strengths, Weaknesses, Opportunities, and Threats' analysis via practicing strategic thinking if one has not been performed recently. Doing this will definitely pay huge dividends.

Innovative boardroom with “free atmosphere,” to ask great, tough questions for deepening understanding: Smart companies are reaching beyond the borders of their organizations to find innovation. Ideally. Board members participate, or lead, in constantly suggesting areas of innovation since their vistas are likely to be wider, Imagine how the companies could change if each Board Director felt his/her mission was to expand the value to the existing or to new customers, with new ideas, new products/services; or the new structures. An innovative board brings the outliers’ fresh eyes, out-of-box thinking, and a tremendous set of skills and experience to create new value for both innovation management and management innovation.

Because the Board should be highly accountable for strategies for the future of the company. Innovation is one of the keys to the success of an organization. The board directors need to be diverse by industry background, mindsets, skill, experience level, and perspective. An innovative board sets the right tone for the culture of innovation. The corporate board should ask how the enterprise measures innovation and be sure the measurement is accurate from the eyes of the customers and their constituencies. Ideally, an innovative board sets the right tone for the culture of innovation, and contributes to both innovation management and innovation governance.

A high performing board would be performing all those roles in a way appropriate to the best interests of the organization, fine-tune the structured process to digitize itself, optimize decision-making capacity, inspire innovation, and improve the board's overall effectiveness, agility, and maturity. High-performing corporate boards have put significant effort into GRC. This includes addressing risks to reputation, and the need to be transparent and the ability to define risk appetite and risk culture for the business with the goal to improve business performance and agility.

Posted in: Board Room,Innovation,Strategy