Director Today - May 2016

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Institute Of Directors organized the Dubai Global Convention 2016 on Leadership for Business Excellence and Innovation on 19-21 April, 2016 in Dubai. This Convention attracted a large number of experts from different parts of the world who focused on the need for the directors and boards to take positive and proactive steps on the basis of learnings from failures and mistakes.

Boards need to be careful that the Company benchmark its performance against where people are likely to be at the time of implementation as decisions based on managers. The present situation will be like rear-view driving, that does not bring in the visionary outlook. The participants also cautioned that Copy-Cat following of models of other companies can bring in condemnation of one being a follower that is forever behind the leader. Boards believing in business excellence need to go beyond the present successful companies and provide leadership. Upgradation of business models on a continuous basis is an unavoidable phenomena and any company not practicing that can really mean inviting trouble. In view of the digitization of economy, data collection and data analytics will play important and significant role and it is necessary that boards place greater thrust on data analytics in their strategy.