“Real-time” corporate board leadership is not always on, but about practicing information savvy decision-making and enhancing “on-time, on-schedule, on-value” leadership influence consistently.
The power of information is to empower the business with real-time insight across the organization in ways never possible before. This is more imperative when uncertainty, velocity, complexity, and ambiguity are major hindrances to decision-making. Real-time organizations mean high-responsiveness with speed, developing more participative models that better support the quantum leap in speed we are experiencing.
Real-time executive scoreboard view: Organizations could miss the opportunity if they solely focus on quantifiable benefits or short-term business profit. As the power of information is to empower the business with real-time insight across the organization in ways never possible before. Highly effective corporate board directors make sound judgments based on proficient knowledge, in-depth understanding, and multidimensional intelligence. Forward-looking BoDs leverage executive scoreboard to oversee performance and enforce real-time GRC intelligence.
Real time business analytics is not the end of statistics; there are dangers that may befall executives in situations where analytics is construed to be an end in itself rather than a means to an end. In order to oversee strategy management and monitor performance effectively, real-time information relative to those goals while giving executives including BoDs a scorecard view of organizational performance, as well as their own performance throughout the quarter/year based on those goals, allow them to make collective decisions, take corrective actions to get back on course when deviations occur.
Real-time innovation: The digital era upon us is about innovation. Running a real-time digital organization starts with providing real-time information management solutions to unpuzzle innovation. In reality, many corporate boards are often stuck with a view of the rear mirror mindset, looking at the past quarter results. That is simply not enough. It’s important for BoDs to spend more time on innovation oversight and long term business growth.
In the boardroom, real time communication or collaboration is all about real-time sharing, transparency, active listening, two-way trust in the wisdom of the team, and cultivating the culture of real-time innovation and performance. It involves the creation of interactive multi-channel communication and sharing processes to generate awareness about the new digital reality and accelerate innovation performance.
Real-time decision-making scenarios: The increasingly virtual and dispersed nature of organizations and emerging collaboration technologies make cross boundary communications more convenient and effective. Real-time data is often used for navigation or tracking. There is no delay in the timeliness of the information provided. Time is a critical factor in decision-making scenarios, as you can’t afford to defer critical decisions until such time that all facts and information are available.
Technically, real data analytics provides fast data exploration, collects and analyzes business management data in real time, develops query and analysis capabilities; enable users to share and collaborate on information almost at the real time. the BoDs shouldn’t just digest the information provided by the management only, they need to proactively search for quality information via varying sources, harnesses fact-based communication and ensures the corporate board’s decision effectiveness and leadership maturity. Information-based analytics needs to become the mainstream culture theme. Thus, real time decision making in the boardroom sets the right tones for embedding analysis into decision-making, and varying management processes. This is where organizations can really differentiate themselves from their competitors by improving its agility, for building business advantage.
With overwhelming growth of information and continuous business disruptions, today’s digital organization simply just can’t stand still. Corporate board directors need to guide the senior management team through effective questioning, coaching, advising, to help influence and shape the business of the future deliberately. “Real-time” corporate board leadership is not always on, but about practicing information savvy decision-making and enhancing “on-time, on-schedule, on-value” leadership influence consistently.