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.
