For your small or medium sized businesses to compete in a highly connected marketplace it has become a necessity to incorporate a digital business strategy into your organization’s current business plan. While most businesses have included some digital components to their operations naturally (through their websites and social media), Compulite’s IT Consulting team has taken a closer look at how an organization can fully develop and execute a digital business strategy. With a well laid out digital strategy in place you will be able to secure your organization’s relevancy and its competitive advantage.
- What is a Digital Business Strategy?
According to Gartner, a digital business strategy is the creation or evolution of “new business designs by blurring the digital and physical worlds”. An effective strategy would touch upon how your organization is managed, and offer new ways to connect, collaborate and conduct business both internally and externally.
- How does this differ from an IT Strategy?
While similarly aligned, a digital business strategy and IT strategy are not the same. An IT strategy describes a plan professionals will use to manage the integration of information technology. This plan would include the management of hardware and software, costs, vendors, backups and risk management. The facets of an IT strategy are geared towards helping one’s business become successful at achieving their business strategy.
- How can your organization incorporate a digital business strategy?
Businesses with a high level of digital engagement have seen an increase in annual revenue by 20% (source: Delotite). However the scope of a digital strategy can be so broad that many stop once its been integrated into their marketing and operational efforts. With a well defined plan an organization can go beyond having just an online presence.
Audit- Identify your organizations current position and the opportunities and challenges it faces.
Research- Discover what options are available to address your market needs and internal functions. Develop a clear vision on how new initiatives will meet the goals outlined in your audit.
Action- Take the necessary steps required to apply new technology to existing activities within the organization. Initiatives could include digitizing HR and financial functions, implementing new communication channels for employees, transitioning of legacy IT systems to the cloud.
Define- What will success will look like once the strategy is implemented. Determine when you will re-adjust and evolve the strategy to accommodate new opportunities and challenges.
- Be Sure to Consider the following when implementing a Digital Business Strategy:
When rethinking your business interactions and processes be sure to determine the cross functional impact integrating a digital business strategy will have on everyone’s roles within the company. While integrating any new technologies into your business model it is imperative to never do so at the cost of human elements. Digital engagement should not replace but rather facilitate with ease human interaction and connection with your clients and/or colleagues.
(image via pixabay)