Future Proofing the Boardroom: Innovation
What are the 5 things we need to be thinking about to be innovative in the boardroom?
I've long talked and written about the roles and responsibilities of boards and board directors and the evolution of agenda items that guide our boardroom discussions.
I coined the term future proofing the boardroom to describe the range of things boards must do to ensure they are building strong business that last, and the concept I call grounding and stargazing to describe the two types of discussions we must balance in the boardroom to help make this happen.
As I've noted in the past, grounding is about making sure the company manages its risks prudently and operates at all times in a responsible, legal, and ethical manner. Stargazing is making sure that the it is ready and able to respond to future challenges.
I wanted to dive a bit deeper into the stargazing side of the equation, and particularly to look at how we can be more innovative in the boardroom - to think outside the box.
I asked Saul Kaplan, founder & chief catalyst at the Business Innovation Factory (BIF) what he thinks are the 5 things we need to be thinking about and doing in the boardroom to ensure we are being innovative.
As you'll see, it was a lively chat, and we didn't agree on everything...
This video is from the tv series I host for Reuters “In the Boardroom with Lucy Marcus”.
1) Get below the buzzwords: Ensure clear and specific innovation objectives.
2) Business models don't last as long as they used to. Enable R&D for new business models.
3) Create a business model innovation committee of the board.
4) Bring the voice and experience of the customer into the boardroom.
5) Get out more. Enable more random collisions of unusual suspects.
What are your thoughts? What else should we be thinking about to make sure we are stargazing?
Share your thoughts below or let me know via Twitter. I'm @lucymarcus.
Photo credit: Christopher Michel
Board Director & Volunteer Mentor/Coach for aspiring college students
10yEnsure the board is aligned on need for innovation but brings diverse perspectives to improve the quality of the outcomes.
Vice Director, Business Planning & Promotion Department at Golden Eagle International Retail Group
10yLike the words - bring customers voice and experience into the boardroom!
AI (Artificial Intelligence), Machine Learning, Data Science , Analytics Leader | 23 years experience in AI, ML, Data Science | Experienced Head of Data & Analytics| Ex Microsoft ,Verizon, Servicenow |IIT ,ISB alumni
10yContinuous focus on business model innovation is important in this faced paced economy
Advocating for diverse suppliers | Building social procurement capacity | Doing deals that matter
10yNumber 4 talks about the voice of the customer but the voice of the supplier is often overlooked. Boards should work with their Chief Procurement Officer and procurement teams to leverage the wealth of market intelligence and innovation available from the organisation's supply base.
Cloud Consulting (AWS)
10yBusinesses should be able to sustain with its strong ethical value system, clear vision and mission statement by which it stands and be able to evolve with a constant innovation and thought process to remodel the businesses to meet the ever changing customer choices and behaviours. This is key for today's business to exist and successfully evolve.