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IS A DIGITAL “STRATEGY” RIGHT FOR YOUR BUSINESS?

Today, more and more business leaders are overwhelmed with the constant reminders of how “digital technology is disrupting” business (simply put). If you’re like most businesses, this continues to terrify how you’re going to take advantage of the potential of the Internet of Things (IoT), big data, and always-on customer connectivity, knowing that other companies are using the same technologies.

Like most, you’ve been told all you need is some influential business advisors and a pack of hungry technology vendors and — voilà! — you have your digital strategy.

“It used to be “What’s your IT strategy?” Then it was “What’s your internet strategy?” Now it’s “What’s your digital strategy?”

Business leaders need to resist rushing into developing a strategic plan just because everyone else is doing it. This risk brings an enormous waste of time, money, and opportunity. You also risk creating mass confusion of your company’s real business strategy, true needs, and the right priorities necessary to become successful.

Instead, to survive and thrive in a global digital economy, business leaders should stop, take a deep breath, and think deeply about five questions around digital technology — which encompasses both new technology tools (like phones), platforms (like social media), and the use of the data that business can now collect using the web and other means — for their companies:

  1. Will digital technology change your business and where do you need to go?
  2. How could digital technology improve the way your company adds value to the business you are in?
  3. Will digital technology change your target customer (behavior toward your brand)?
  4. Does digital technology affect the value proposition to your target customer? If so, what will your value proposition need to communicate?
  5. How can digital technology enhance enterprise capabilities that differentiate you from your competition?

Avoid the trap by asking, “What is our digital strategy?” Instead, start with the five questions (listed above). While everyone else is talking about the global digital economy, your business will be focused and acting on how digital technology can bring a new edge to the business strategies you already have in place.

Original Source: Ken Favaro

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