Digital strategy, also known as digital media strategy, is a plan devised by businesses to maximize their benefits from data assets and technology-based initiatives. For a digital strategy to succeed, there must be a collaboration among professionals in the company’s executive, marketing, and information technology (IT) teams.
Digital strategy Vs Digital Transformation
A lot of people tend to us the words digital strategy and digital transformation interchangeably. In reality, they are two different concepts. The latter is focused on creating change on certain aspects such as operations and customer relations. In shorter terms, the change involves the culture with which the organization creates and upholds. Digital strategy, on the other hand, is mainly focused on technology and not on people. Its goal is to use technology to implement changes for the fulfillment of business goals.
Building a Digital Strategy
To build a digital strategy, one must first choose a leader. Choosing the right person to lead such initiatives is the first step to ensuring the company is on the right track. Companies would normally choose their CEO as leader of this endeavor, but another smart option is to appoint a qualified Chief Digital Officer (CDO). The CDO must lead the team in creating a realistic digital strategy and involve relevant departments to implement changes.
Next is to think of an approach to implement these changes. While it is clear that the goal is to achieve business growth through technology, the means to achieve such should be carefully planned. It is smart to take measured approach to make sure resources are well spent and each phase is aligned with the company’s current needs and priorities.
Lastly, when strategies and plans are all on the table, it is time to build an appropriate foundation for the upcoming digital changes. This means the organization must be prepared for the upgrades to be implemented and the need to sustain this evolution despite potential changes in the digital economy.
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