Technology is transforming the way that we do business. Currently, businesses are facing critical questions about remote working and other technologies that will revolutionize our work culture. Digital strategy involves a rethinking of how we leverage technology, people, and processes towards new business models and new revenue streams, driven by changes in customer expectations around products and services.
Companies of all sizes are seeing positive business outcomes from the implementation of digital initiatives and increased digital maturity. In fact, companies that have higher digital maturity reported 45% revenue growth compared to 15% for lower maturity companies (Deloitte, 2020).
Further, the implementation of digital technologies can help accelerate progress towards enterprise goals such as financial returns, workforce diversity, and environmental targets by 22% (Deloitte, 2020). Developing your digital strategy is the first step to reaching these goals.
Digital Strategy is Critical to Your Success
There is no stopping the transformation of business and work to digital platforms. Digitizing the way you work not only sets you up to lead in your industry, but it will also help you achieve your current business priorities and address challenges.
The issue that many small and medium-sized business owners face is that they don’t know where to start this journey towards the digital-first economy. With the myriad of technology platforms available, it is important we don’t think of digital strategy as simply an exercise of selection. The value of digital strategy is that it helps to determine what the business’s key challenges and priorities are. It’s only after this first step that we start thinking about which technology tool to use. Once we know what the tool should accomplish, then, based on price, features and overall value for money, we can identify the best tool for your needs.
A digital strategy will help you think through the process of your organization’s digital transformation. It will help you identify strategic digital initiatives, prioritize them by need and urgency, and also consider when the you will start seeing the benefits of these initiatives.
What does Your Digital Strategy on A Page look like?
Your digital strategy needs to be simple and easily understood by anyone in your company. It can be intimidating to approach a digital strategy when you imagine it to be a 100-page document. In reality, all you need is one page!
There are three key questions your digital strategy should address:
- What is your vision? What are your guiding principles?
- What pain points and opportunities should your digital strategy address? In order words, what are your digital goals?
- What are the critical digital initiatives you need to implement?
Here’s a template of what your digital strategy on a page could look like:
Developing Your Digital Strategy on A Page
To develop your digital strategy on a page, we use the following the approach:
Where Do You Start?
Our team of experts can help lead your organization on your digital transformation journey by creating your digital strategy on a page to get you ready for the digital-first economy.
Contact us at info@strategicfront.com and together we can harness the power of digital technologies!
