Gone are the days when ‘going digital’ simply meant rolling out an app or marketing on Google and Facebook. As all facets of the economy, businesses, and their business processes have gone digital (or are going digital), an organization needs a sound digital strategy to compete effectively in the market. The following are some of the steps that an organization can take to formulate a digital strategy.
- Formulate a specific strategy relevant to your business: Rather than formulating a high level pie-in-the-sky type of a strategy, an organization should formulate a specific strategy related to its business model, and should reflect an organization’s intent to position itself in the new markets with the new players.
- The strategy should be specific to point out how an organization would be creating its ecosystem, the structure of that ecosystem, and its positioning in the new ecosystem for creating value.
- An organization should be clear about its competitive strategy and a clear understanding of how that strategy will create value for its shareholders and the overall marketplace.
- An organization should chart out a transformation strategy to the new business model and strategy and how it will adapt to that change internally and in the marketplace.
- Articulate a clear strategy for creating value in the digital world: A strategy should stipulate how an organization will create value through its linkages with the external players in the ecosystem, its expectations, and how it will establish those linkages.
- An organization should be clear whether it expects any shifts related to the market segments that it will operate in or whether the shift will carry it to different markets.
- A strategy should be specific and clear enough to help the senior leadership realize and measure those strategies.
Read more about Strategic imperatives of IBM’s digital strategy