Here is a short answer: Digital strategy can be created internally or externally (with the help of outside partners). Internally, depending on how big your organization is and how transformative your strategy is, the costs could vary greatly.
The cost of the internal strategy is determined by: the cost of the time of the people that are involved + any opportunity costs that are incurred by their use of time on the digital strategy project vs. their ordinary duties.
Externally, the costs are far more measurable, but again will depend on the size and scope of the objective. At Atlantic BT, we make it easy by setting up a low-cost collaborative whiteboard discovery. The purpose here is to clearly define the objectives and scope of the digital strategy and come up with a few ideas for things the team would like to see incorporated. From there, everyone gets excited about the overall strategy initiative and we are able to scope the costs effectively.
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How do I create, organize, and write a digital strategy?
Nearly every time, good execution outperforms good ideas. For the most effective execution, it's essential to have a strong underlying strategy. Try organizing an offsite multi-day retreat with a facilitator.
Like any strategy, there are more ways to find pitfalls than success. The first step in planning is to clearly articulate the overall strategy in a way that is easy to understand at all levels of the organization.
How does digital transformation help blue ocean strategy?
If both blue ocean strategy and digital transformation strategy exist; the blue ocean strategy would be the top level strategy, while digital transformation would be a necessary component of achieving the blue ocean strategy. To fully answer this question, let's first define Blue Ocean Strategy.
Digital strategy is important because there are few sectors technology won’t ultimately touch or transform. If your organization isn’t paying attention to digital strategy, you will fall behind and potentially reach a point where you are obsolete relative to competitors.
One of the interesting things about Digital Transformation is everyone seems to define it a little differently. The reality is that consultants sometimes label a new marketing plan a digital transformation strategy -- it’s not.