Saturday, June 17, 2017

The Corporate Board as the Mastermind of the Digital Transformation

BoDs need to be informative, insightful, influential and become the mastermind of digital transformation.  


Digital boards are like the steering wheel of their company, leading the business toward the uncharted water and blurred territories for reaching the ultimate digital destination.  Digital boards as the strategic advising role are also the “mastermind” behind digital transformation to oversee strategies, drive innovation, catalyze changes, and monitor performance.

The corporate board plays a significant role in setting principles and policies, monitoring and making the judgment on and assurance of corporate action within a framework of practical knowledge. In today's work environment, change is happening at a more rapid pace. No one will have all answers, the success of digital transformation is based on open leadership, seamless collaboration and collective effort. Digitalization a journey full of adventure, with planning, innovating and executing.

Digital is about the accelerating speed of changes and the abundance of information. The board needs to retain the ability to capture immediate and future opportunities which will enhance their shareholders’ benefit. And the board has to spread their thin time on the variety of important things. The board in a high-level leadership position plays a crucial role in business advising and monitoring, as well as setting key digital tones in leadership quintessential and talent management. To lead effectively, the board needs to be able to leverage diverse viewpoints via listening, brainstorming, and questioning, make effective decisions via critical thinking, independent thinking, strategic thinking, and systems thinking, and become the “mastermind” behind the digital transformation.

The modern digital board has many responsibilities, leadership advising, governance practices, and resource provision. A high performing board would be performing all those roles in a way appropriate to the best interests of the organization and becoming the mastermind of digital transformation. Although you cannot predict every event happening on the journey, surely you need to proactively create a clear vision, oversee a dynamic strategy, monitor its implementation, and create a business - talent synergy to accelerate the digital transformation and reap the business benefit both via quick wins and long-term benefits. Accountability and oversight are all part of the game changes that boards must address. And the Board clearly has a role to play in all the major essential elements of leading a successful digital transformation.

Be skeptical, be inquisitive, be creative; and apply real critical thinking to practice the board's governance duty effectively. The digital board’s digital inquiries intend to stimulate creativity and brainstorm the breadth and depth of digital transformation. The level of the board accomplishment vary but the essential competencies will remain the same, BoDs need to be informative, insightful, influential and become the mastermind of digital transformation.  

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