By effectively executing the six steps within your digital strategy, you provide your business with a greater opportunity to succeed in the digital space as all aspects are considered. A successful digital strategy has the ability to increase your business, and if executed correctly, it will move your company to be thought-leaders within your designated space.
Our digital definition of a comprehensive digital strategy is: A digital strategy establishes the overall direction that a business will follow digitally. Research and information gathering Review and compare your digital assets against your competitors. Analyse the research Evaluate your research and uncover any gaps or niches that have been identified. Set your vision Firmly decide the direction that you want your digital strategy to take you and ensure that it is in-line with your business goals.
Other tools and assets Once you have successfully created your website strategy, outline your keyword and SEO Search Engine Optimisation strategy [note; this will need further research as time proceeds], as well as your content strategy.
Data Data is critically important to any business and it is an element that is often missed in a digital strategy. Conclusion: By effectively executing the six steps within your digital strategy, you provide your business with a greater opportunity to succeed in the digital space as all aspects are considered.
Want to get in touch? Incumbents have huge advantages—resources, customer relationships, and global scale, to name just a few—that when tied to the right digital strategy give them the edge over smaller rivals. In our experience, successful digital transformation must rest on a foundation of smart digital strategy.
And smart digital strategy, like traditional business strategy, is about making wise investment choices to maximize competitive advantage, growth, profit, and value—and then implementing with discipline. Here are five rules for how to get the most from your digital strategy. See Exhibit 1. What new offerings can digital enable? What new competitors can it empower? The impact and opportunities of digital will vary by industry and by function.
Core business processes can be reinvented; for example, supply chains are being reconfigured thanks to Industry 4. Digital platforms and their related ecosystems can offer access to borderless global markets—consider Airbnb. And digital services, often data driven, can radically enhance differentiation and lock in customers—think predictive maintenance offerings to increase uptime of aircraft. The key is to open your mind to the full range of strategic possibilities—and risks—that digital brings.
What are the essential technologies and their cost implications? What new capabilities could be required? What new and advantaged positions could you occupy in the future? Its consumer-facing mobile app streamlined the steps for ordering and receiving a pizza and capturing happy-customer feedback. Organizations that win at digital start by thinking big—whether seeking to strengthen existing advantages or to tap new ones. The best digital strategies aspire to move the needle on value creation.
This is especially true because in so many digital domains, network effects create winner-takes-all situations, in which first movers and smart fast followers have the edge. Digital strategies fail more often because of too little ambition rather than too much. Kodak invented digital photography, and Blockbuster developed an online movie platform before Netflix did.
But these historically successful, market-leading organizations starved those opportunities for funding and organizational focus because they prioritized their legacy businesses. The coffee company Starbucks embraced digital to make up for lagging same-store sales. Supplier interaction Being active in a digital economy means you have access to global and national markets to establish potential supplier relationships, as well as the capability to undertake supplier interactions more efficiently and effectively.
Mobile-based solutions Integrating mobile-based solutions into your business may include strategies such as: mobile commerce — giving customers the option to transact via their mobile phone or tablet mobile websites — responsive websites that scale down to a mobile phone's or tablet's screen size mobile applications — purpose-built mobile applications apps to help users complete specific tasks.
Applications can be either external aimed at customers , or internal i. Efficiencies through technology Using the right digital technology for the right purpose, be it hardware tablets, computers, smart phones, servers, etc. For example, you could introduce digital technology that may lead to cost savings if you automate how to: manage time sheets and pay plan and resource work order office supplies and stationery manage rosters and leave provide real time performance appraisals of your team.
Cloud computing Cloud computing means storing and accessing data and programs over the internet instead of on your computer's hard drive. Also consider Use our market research kit to help you research your competitors. Learn more about responding to competition. Find out if your business or industry association provides assistance with digital standard practices. Discover more research resources for business and industry.
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