The Monthly “Digital Boardroom: 100 Q&As” Book Tuning: The Digital Board’s Innovation Inquiries Mar. 2018 ~ Future of CIO

Monday, March 19, 2018

The Monthly “Digital Boardroom: 100 Q&As” Book Tuning: The Digital Board’s Innovation Inquiries Mar. 2018

10:50 PM Pearl Zhu No comments

Modern corporate boards play significant roles in guiding businesses toward 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 is the monthly “Digital Boardroom” summary of the digital board’s innovation inquiries.

The Digital Board’s Innovation Inquiries

The Digital Board’s Digital Innovation inquiries The board with digital savvy BoDs understand what's required and how as a high-level basis for going digital mean to the business. So, they can make a significant impact on accelerating digital transformation with a premium speed. Vision is the destiny, it is basically a qualitative statement defining the "perception" of the organization, the strategy is the roadmap to get there. And innovation strategy is an integral component of the strategy. The effective board as a directorial role oversee the business strategy and provides the guidance about what core to preserve and what future to stimulate progress toward. Here are a few innovation inquiries of digital boards.

A “Skeptical Board” to Advocate Innovation The Corporate Board plays a critical role in business strategy oversight, monitoring execution, advising digital transformation, and setting tones for talent management. The boards are also transforming from compliance-driven to performance oriented to get digital ready. In practice, the board's role is to pull management out of the trees to see the forest; to understand the business landscape and how it will address it; to continue questioning on important issues where the management's answers do not make sense, and to show the constructive skepticism for brainstorming changes and advocating innovation.

The New Book “Digital Boardroom: 100 Q&As” Chapter 1 Introduction The Digital Board’s Composition Inquiries ? Contemporary boards play the crucial directorial role in business strategy oversight, performance monitoring, business advising and policy setting. The boardroom composition will directly impact on how they lead and which tone they will set for the entire organization to follow. The question is whether there are enough people with proficient skills and expertise to do the job in the heat of today’s boardroom facing business uncertainty, rapid changes, continuous digital disruptions, and unprecedented competition.

Digital Tuning: How to Innovate Boardroom The primary role of the Director is to provide strategic oversight, setting governance principles, and making the judgment on an assurance of corporate action within a framework of practical knowledge. If they do their jobs right, the executives and management team can do their jobs in a well-orchestrated fashion as well. Innovation is one of the crucial components of the corporate strategy, which role the BoD should play in both management innovation and innovation management? Or the first step first, how to innovate Boardroom?

An Innovative Board There are different types of boards around, some Boards are "working Boards" and have to provide hands-on advice, information, and oversight; other Boards have a more strategic purpose in advising the corporate oversight. Many Boards are often stuck with a view of the rear mirror mindset, looking at the past quarter results, supervising the audit, and reviewing a budget of the coming months. Does Board overall spend enough time on planning for the future -that means dealing with innovation choices?

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