Updated: Feb 6
6:AM, 6TH SEPTEMBER 2020 | BOSTON, MA 2020
Introduction to Digital Strategy?
Digital Strategy is a plan which mainly uses digital resources to achieve one or more objectives in various businesses. It is a plan used to maximize the business benefits of data resources and tech-related initiatives. A successful digital strategy requires a multi-functional team with executive leadership skills, marketing members, and information technology members. It helps in delivering a steady and reliable- digital customer experience.
The transition of Business Strategy and The Rise of Digital
Business Strategy is a set of decisions and actions which assist the entrepreneurs to achieve specific business goals. Nowadays, technology is being combined with businesses to develop into something more than just hardware or software. As digital technology is becoming more persistent, companies are compelled to make digital transformation which will soon result in digital strategy and business strategy in becoming the same thing. As of now, it is better to use the term digital strategy instead of a business strategy to focus on the efforts being taken to initiate digitization. Whilst using digital strategy, it is important to remember that it is not just a concept; it is a comprehensive way of working and planning your strategy according to your approach and using a compilation of different tactics. It should be kept in mind that a clear commitment towards one’s understanding of what digital means will be a benefactor for one's company.
The digital strategy focuses on using technology to boost business performance which means either creating new products or reinterpreting the current process. It helps to specify the direction of an organization to create new competitive advantages with the use of technology, along with other tactics used to achieve the required changes. This includes various changes in business models, as new technologies make it possible for pioneering companies to provide services that weren’t previously available.