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The majority of today’s firms understand the need of digital procedures and an online presence. Nonetheless, many businesses are still making these changes piecemeal, with little or no guidance. A digital strategy is the ideal method to stay ahead of competition, capitalise on current trends, and prepare for the next innovation.
In essence, the word refers to a strategy that uses digital activities to meet organisational objectives. A digital company plan may appear to be easy, but it is anything but, and it requires expertise and experience to achieve successfully. And, depending on who you ask, the meaning of digital strategy varies.
The marketing department, for example, would see it in terms of web platforms like social media and email. Those in finance, on the other hand, might consider online revenue tools; the cloud for IT specialists, data analytics for the operations team, and so on. Aligning all of these disparate divisions with both a digital and a general business strategy is a difficult task that is frequently the cause of a company’s failure to exceed or even meet its targets.
Creating a well-defined plan has obvious benefits for any venture. While digital technologies have the potential to alter a business, it is critical to remember that they should be considered as enablers. Investing in every new technological trend is not the answer, and will cause more harm than good.
Creating a blueprint and sketching out a digital strategy template can assist in seeing the broad picture and determining where digital options can be used to maximise efficiency and effectiveness. This plan can be used to cut waste, keep departments on track, track progress, and make revisions as needed.
Successful organizations have adopted an array of digital strategies to outperform their rivals, from exploiting new technology to capitalizing on shifting customer tendencies. One of the best examples of a company executing the perfect digital strategy is Adobe. In 2013, the brand transitioned from physical software to the completely online Creative Cloud.
While a significant risk at the time, Adobe’s executives knew they had to make a dramatic change to a business model that was no longer sustainable. Instead of raising prices year after year, the company turned to the cloud to assist the growing number of businesses in digital transformation. Their decision certainly paid off and the company has continued to reap the rewards, achieving a record annual revenue of $12.87 billion in 2020.