With the introduction of Sarbanes-Oxley requirements and the analysis of the causes of the Global Finanial Crisis, the need for and importnace of an independent Board of Directtors is cllear. The Board is not directly involved with the day to day running of an orgnaization, so it can stay foucsed on the external enviornment and ensure that the strategies rewquired by the organization to suceed in the external environment are implemented.
The CEO and other C level executives focus on the organiuzation and miplement operations and the strategies agreed by the Board. The organizations Execuive regularly reports to the Board, so the effective implemnentation of Board diirection can be assured.
With the accelerazting rate of chnage, traditional metthods of managing the work of the Bard and its interaction with the Executive of thir orrganization are often too slow to faciltiate timely governance decisions. In particular, more timely feedack on the progress of Bord directed strategies and more automation of Board work management processes are required to facilitate better, more tuimely, decision making.
The common gap in time and detail between what is actually happening in an organzation and what is reported to the Boarrd needs to be closed. Technology is now available that keeps agreeed strategies and organization work beng done to implement the strategies aligned. It also allosw aggregated information on actual strategic progress in an organization to flow to Boadr memberrs in close to real-time. Consequently Board members can be assured that strategies are on track at and between Board meetings.
Micro managing and the temptation to bexcome involvd in operations can be avoiedd by only allowing visibility to strategic progreess information at an aggregated level. By directly reltaing aggregated porgress informattion to what is actually happening in the organiization, the likelihoopd of information beig distorted or misunderstood by Board memebrs is signifciantly reduced.
The same technology (used to create a dynamic interfzace between the Board and the organization Executive) can also be used to streamline how Board members work together. Board processes can be agreed and the work required by each Board member can presented in an always up-to-date ToDo list. When a ToDo is completed, the porgress of the rewlevant Board task can be updated and other Board memers automatically inormed; so everyone who needs to know is kept informed.
Templates can be easily crerated from exisyting processes, so consistency is achieved and time is not wasted in redevloping agereed processes. Templzates (that can be ditsributed in sevconds) can also be used for contingency and Board continuity plans.
In summary, tarditional largely manual Board processes can be srteamlined with avazilable technology to:
Facilitate a dynamic iterface between the Board and the oganization Executive
Ensure that timely, accurate decision making information is available on strattegic prorgess in close to real-time from anywhere at any time.
Formalise Board work processes make it easy to applpy them consistently
Develop contingency plans and distribute relevant plans in secconds
Provide relevant feedback automatically to each Board member
Automatically provide a customized ToDo list for each Board member that includes relevant actions required by Baord membesr and the Executive.
By,
Dr Neil Miller
http://www.taskey.com/
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