What is it like to trim the sails to the winds of digital transformation today? Well, it is more than building a solid strategy with a carefully elaborated plan to go digital. On the contrary, a winning digital transformation strategy today is more liquid than ever.
At this very moment, if business wants to win the attention of more than 80 percent of perspective customers, or close to 95 percent if we are talking B2B, one needs to go digital. If you simply glance at the industries that, according to Russell Reynolds Associates, anticipate fundamental digital transformation, you may roughly estimate the scale of this “invasion.”
However, for most businesses a smart digital transformation strategy won’t just drip off their fingers. Times change, so as the nature of business environment. In terms of faster, more dramatic, and less predictable alterations across all business ecosystems, old digital strategies are claimed dead, while new versions are still on the way.
Let’s find out:
The digital strategy as we know it
Moving across the sketchy pictures of a digital strategy from over-formulated Wiki-like descriptions to more common yet one-legged definitions that touch upon only IT or social media, we came up with a more inclusive understanding of a classic digital strategy.
We see a classic digital strategy as the application of information and communication technologies that leads to adding value to people and businesses. In other words, it’s the blend of technologies into daily business activities that becomes the essence of a business strategy, rather than one of its parts.
A digital strategy is often confused with IT or marketing strategies. However, as a more complex and broad concept, a digital strategy would possibly digest both as inner elements and make them work as a tech and coordinative parts of its architecture.
To better understand why we dare to claim a digital strategy an inclusive idea that also forms a nucleus of a business strategy, you may simply look at successful digital strategy examples that illustrate how it works.
Consider a U.K. digital strategy by HM Revenue and Customs. Once established in 2014, it successfully accomplished 60 percent of its goals as of September 2016, and is to be fully discharged by 2018. Apart from clear objectives, such as maximizing revenue, minimizing costs, and improving customer experience, this strategy fully engages all elements of its transformation process through a “digital vision,” instead of simply embedding a couple of new apps into its operation.
Think of Oxford Dictionaries’ project that grounds its ambitious initiative to create living dictionaries for under-represented languages in its digital approach.
Or you can take this unsuccessful example that proves how make-up changes that might have looked like a digital strategy on the surface turn large investments into the ash on top of a once blossoming business.
Heard of Kodak (News - Alert)? These guys invested millions into their aggressive marketing campaign with a former Apple (News - Alert) consultant on the side and all bases covered. However, their campaign of building a “digital brand” has never turned into a digital strategy, since the way they worked remained “analog.” As a result, they ended up with major losses because their approach appeared outward and rootless.
Sad examples of kodaks and alike prove how simple it is to miss on the slippery road of quick-changing business environment. This is why, speculating about a digital transformation strategy in the end of 2016, we consider a classic version as solid state physics. Its basics always remain as laws, but the heavy hitters keep going quantum for more opportunities.
Digital Strategy 2.0
A digital strategist today is the one who knows the value of agility. This is why a rigid digital strategy is kicked off its pedestal by a more flexible concept, a Digital Strategy 2.0, which has different properties and objectives. This “liquid” digital strategy contributes to business growth anew, because business development itself no longer stands on solid pillars, but requires constant alignment.
This is how the climate of business today makes a digital strategy transform. In fact, a mature strategy for digital transformation is no longer a concept, but a process focused on improving business, and not simply adding an app to its operations.
How a Digital Strategy 2.0 empowers business growth
Business Growth Digital Strategy
Everything is related, and sometimes the question of origin turns into a true chicken-to-egg dilemma. We see how constantly reshaping business environment influences the way digital strategies form. At the same time, the contribution that a novel business strategy brings to a contemporary business scene is hard to underestimate. Often it’s a digital strategy that helps to build foundation for business growth opportunities. Therefore, business strategy today stems from a digital strategy.
Four wins of a Digital Strategy 2.0 that make business strategy work
In this regard, digital strategy consulting becomes an integral part of a new approach in building a strategy. Moreover, consulting becomes an organic part of a digital transformation strategy from the moment it is formed as an idea to the point when it brings tangible results and moves businesses to the new loops of growth.
On the one hand, a smart digital strategist is constantly combing the flow of novel technologies to pull out the ones matching the business strategy that the company has. On the other hand, consulting helps to shape a future digital strategy and impacts the business strategy of the company in tune with the trends of digital transformation in its field.
All in all, the shift from a digital strategy to the business growth digital strategy is visible. It has already started building major businesses’ strategies and influencing the way businesses make decisions and take actions. In this regard, the use of digital strategy consulting as professional support also transforms from bon ton to an essential tool for building a business growth digital strategy anew.