Tuesday, November 12, 2013

Five Perspectives of Digital Strategy

Digital Strategy is a GPS to Guide through your Digitalization Journey.

In the world where everything is touched by technology, businesses all kinds, cross-sectors are in the journey to digitalization, so they should not only include the digital aspects & strategy to their strategic plans but make it as e a key component of business strategy.

  1. First comes to the Digital Strategy Plan, which is a component of Strategic Plan, emphasizing on taking advantage of digital technology. Digital Strategy goes for the whole organization and includes all kinds of new technologies that help organizations get to the business objectives in a more efficient, adaptive and cooperative way. The digital strategy is the strategic analysis (external environment, internal resources), strategic objectives (vision, mission, and objectives), strategic definition (platform, market, business model) and strategic implementation of the digital business.  
  1. Digital strategy is the process of specifying an organization's vision, goals, opportunities, and initiatives in order to maximize the business benefits of digital initiatives to the organization. These can range from an enterprise focus, which considers the broader opportunities and risks that digital technologies potentially creates changes 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 websites, mobile, eCommerce, social, site and search engine optimization, and advertising, etc. . 
  1. Customer Experience Management: At customer-centric businesses, when setting Customer Experience Management (CEM) as your top objective, Digital Strategy is being more of a technology-enabled aspect of CEM strategy, with the goal to use digital technology at what time or lifecycle of touch point the customer is in or internal employee collaboration. Enabling technologies for digital strategy are everything from online platform to social media, knowledgebase tools, mobile, etc. Another subset of your digital touch point would be your self-service channels (the web, mobile, email, web-chat) versus your other communication channels, etc.) 
  1. Radical Digital Transformation: Digital strategy should look holistically at the business and how digital technology will impact and lead transformation in all the business needs such as internal communication, supply pipeline, customer communication). Digital Business Strategy answers questions like 1) Can, and how, digital optimize the business model or engagement model? 2) How does digital impact different business practices (sales/marketing, hr, production)? 3) How to enable platforms with mechanisms to build community, gamification, social interaction? 4) In terms of KPIs: increase in sales, decrease in marketing and HR costs, optimized production, etc. 

  1. The ‘Magic Formula of Digital Strategy”: Digital strategy crafts upon how,  in an interconnected world where everything talks to everything, where values, behaviors, and expectations are shifting all the time, how will your business model adapt and hence prosper...that's sort of digital for. The 'magic formula' ( if there's one) of Digital Strategy = Information Management Strategy + Social Strategy + Mobile Strategy + User Experience Strategy + Search Engine Strategy + Digital Loyalty Programs + Digital reputation Strategy + Gamification (collaborative tools, etc..) + Digital Design Strategy + Content Strategy +Talent Strategy +…..-->Business Strategy. 
Digital Strategy is an integral part of the overall corporate strategy, and it's a GPS to guide through your digitalization journey. 


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