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Common elements of digital strategy

Choose the right leader-

This is undoubtedly the most important part of developing a digital strategy, but choosing the right people depends on the culture, structure and priorities of the company. Regardless of whether the company has leadership with the CEO or an appointed Chief Digital Officer, the leader must have an impact that is commensurate with the scope of the digital strategy. Unless that is the case, it will be difficult to obtain the full support from each department needed to implement an effective strategy.

 

Attack and Defense-

McKinsey & Company emphasizes that it is effective for companies to categorize their potential threats and opportunities in the digital business and compare them to their objectives. This process clarifies whether a positive or defensive attitude is appropriate for guiding new initiatives.

 

Take a measurement approach-

Digital strategies often incorporate processes that evaluate whether new technologies really complement or grow existing businesses. If you are already concerned that your company has been delayed in digitization, you may be rushed to start a project without checking how digital fits your current strategy. By taking a measurement approach, you can avoid wasting resources on ideas that do not meet your business needs and priorities.

 

Looking to the future-

The ultimate goal of digital transformation is to build the right foundation for digital business. This means creating an organizational structure that can keep up with the evolving technologies and customer expectations and continue to reform itself as needed. Digital strategies require foresight that can lead companies while keeping the edge of the business in the changing digital economy.

 

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