A digital strategy is a form of strategic management, often characterized by the application of new technologies to existing business activity and focuses on the enablement of new digital capabilities for their business. These can range from an enterprise focus, which considers the broader opportunities and risks digital can create and often includes customer intelligence, collaboration, new product/market exploration, sales and service optimization, enterprise technology architectures and processes, innovation and governance; to more marketing and customer-focused efforts such as web sites, mobile, ecommerce, social, site and search engine optimization, and advertising.
- Forming of KPIs
Creating a digital strategy involves setting up of clear strategic goals for your business, often known as Key Performance Indicators (KPIs) and the best way to succeed in business is by setting a plan for what is to be achieved.
- Dividing of resources
Working without a strategy or budget can become difficult to determine where to move your resources. Making of goal list has the benefit of assigning tasks to specific staff members, and assigning the budget to different areas of spending.
- Efficient planning
Writing a digital strategy creates efficiencies, whereby allowing to connect to the various parts of your business. Writing out of the needs, goals and weaknesses can help find areas that can be improved, or even streamlined, to help save time and money.
- In the absence of Digital strategy it would be difficult for any organization to build the business strategy, identify challenges and opportunities, and products innovation.
- Financial analysis is very difficult in the absence of Digital strategy.
How we help
Our company uses 6 types of strategies and they are –
- Platform play:
One third of firms have engaged to some degree in platform strategies, in an attempt to redefine their industry’s value chain so customers and suppliers can interact more directly and benefit from network effects. Platforms have the power to radically alter the way value is distributed in a value chain. Accor, which is opening its online booking platform to independent hotels offers a good case.
- New marginal supply
- Digitally-enabled products and services:
digital technology is being used to create new products or services with digital features, typically to serve new demand.
- Rebundling and customizing:
digital technology is used to serve better products or services.
- Digital distribution channels:
Investment in digital distribution channels is in an attempt to make it easier for customers to access their products or services.
- Cost efficiency:
Digital media is used to improve their cost efficiency, typically through automation or cost scaling.