virtual data

Board Succession Planning Guide

The board of directors, being the key body of the corporate governance system, must ensure the creation of additional value for shareholders and the sustainable development of the company.

The Succession Planning Strategy

The board succession planning strategy is complex. It is the art of finding the right shape for a future vacancy. The reason for the succession planning strategy is complicated by the fact that it forces HR to dig everyone in the company and choose the right form. The second reason why a succession planning strategy is tricky is that if a team of HR staff can’t choose the right person without realizing it, it will affect the company for a very long time.

People do not realize until it is too late. But if the company plans the next succession planning for management positions in the organization, the HR team will find it easier to make the right choice without going into details at the last minute and will be less likely to make a mistake in choosing a candidate for future replacement.

Our approach to succession planning is based on the Inside-Out model, ie the development of candidates within the company and their comparison with external professionals. This allows:

  1. Raise candidates with a unique set of skills and competencies;
  2. Build a comprehensive system for the development of high-potential employees;
  3. Monitor the competitiveness of the company’s leadership capital;
  4. Reduce the cost of attracting managers from foreign markets;
  5. Ensure effective change of key leaders;
  6. Increase the predictability of the change of leadership process for the Board of Directors and other stakeholders.

That is why today the problem of the formation of information technology, as an independent scientific discipline on the methods of creating highly effective information technologies (in the usual, narrow sense of this term), seems to be extremely urgent and important, i.e. a kind of theory and methodology of information technology design. Documents confirming the purchase of software are stored in the accounting department throughout the entire period of use of the license, copies of these documents along with software license agreements.

What Is the Board Succession System Used for?

Board succession systems are already being used to solve practical problems, particularly in the field of artificial intelligence, data visualization, and even network applications. However, as a rule, this approach is used to collect information from different sources for further processing in some main modules. In the development of the control software of the interface device, “blackboard” plays a key role in the interaction of individual modules of the control program, because each of the modules interacts with several modules. Thus, when using the selected operating system, using the modular principle and the principle of “blackboard”, the software that implements the computational process is divided into interacting software components that have a strictly defined structure and interface and have the following properties.

At the end of the board succession, a document on functional requirements is prepared. It defines all key functional requirements. It also identifies the most critical modifications that need to be made to the system before users can be trained and applications can be installed in the workplace.

This document is necessary not only to formally record the functions that the system must perform. It also enables the management of the customer’s company to make informed decisions about the use of the existing budget for those of the tasks that are the highest priority and at the same time have the lowest cost of implementation.