Today, the integration of technology into business has become something more than hardware or software. Companies that use digital technology are able to accomplish more in a shorter time frame.
It is important to remember the concept and strategy of digital. This includes knowing what strategy you have decided to pursue and committing to its roadmap. Your digital strategy may change over time, but it should be a clear commitment to your understanding of what digital means for your company.
Matching your company’s strategic style to the predictability and malleability of your industry will align the overall strategy with the broad economic conditions in which the company operates.
In a “post-pandemic” or “new normal” era, organisations are realising the importance of customer retention. With the advent of the COVID 19 pandemic and its devastating effects, these organisations have recognised the importance of meeting the customer’s needs and being innovative by fostering strategic digital transformation.
Digital transformation agencies like Elsewhen suggest that a critical part of any digital strategy is to have a plan, which includes being prepared for the resources and timelines that will be needed. You need to have a consensus among key stakeholders about the path forward and an understanding of potential barriers.
Having worked with many international clients, Elsewhen recommends adopting the latest, proven best practices for digital strategy. Here are four of the most important ones:
Align your digital stakeholders
To ensure that all the key stakeholders come to an agreement, you need to create a strategic plan with input from the core team and others. This may include board members, business leaders, workforce teams and customers.
The digital vision is a detailed plan with a clear picture of the desired future. It will provide a nuanced view of how your company will operate and what your stakeholders value most.
Understand your customer needs
Focus on the needs of your customers and align your strategy with the goals of your business. By using a proven framework called Jobs To Be Done, you can use technology in ways that help people achieve their goals more quickly and easily. This will help you stay focused on innovation instead of imitating current processes.
Explore your digital ecosystem
To develop a successful digital strategy, start by conducting a discovery phase to understand your current state. This will give you an overview of your strengths and challenges. It is also important to research your technical infrastructure and processes – and then interview stakeholders to know what they want.
Evaluate whether to build or buy your tech
You might have a team of in-house developers who are being tasked with creating digital products, or you might not. Either way, you will find that there are lots of different avenues to explore when it comes to the best practices for what you are trying to achieve.
You can either take the time-intensive process of digital development or simply purchase an off-the-shelf solution.
For example, if you are developing digital tools, new products or mobile apps, you might want to consider using internal or external resources to gain better control on your product.
By evaluating the pros and cons of each option up-front, you can identify the ideal digital technology choices – which may involve a mix of build and buy to get the best of both.
Make your digital strategy the best it can be
Whatever your business objectives, applying these best practices for digital strategy will help you deliver successful outcomes more quickly and effectively.