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.
The concept behind digital transformation was a clever way of saying your organization is going to come up with a plan to get with the program. In other words, the organization has fallen behind the times and isn’t taking advantage of all the benefits technology and wants to explore a modernization plan. It doesn’t sound so daunting and expensive when you put it that way, does it?
We view digital transformation as something fundamental to the organization’s operations and encompassing all opportunities where technology can create competitive advantage in a market. A digital transformation where fundamental change is required to outperform the operation is not something that is often completed in a single year. The digital transformation may be planned and executed over a number of years and should always be evolving as technology and competition continue to evolve.
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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.
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.