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.
Competition may surpass you in efficiency, and therefore prices, or in simply creating a simpler experience for their customers.
For example, if you are a bank that doesn’t offer online banking, you may find many customers that are lured away by the convenience of competitors. Digital is an opportunity for competitive advantage but also an opportunity for competitive disadvantage. Get it right and you win, avoid digital evolution/strategy and you will probably lose.
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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.
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.