What is Digital Strategy?

A digital strategy is a form of strategic management, often characterized by the application of new technologies to existing business activities. It focuses on enabling new digital capabilities for businesses. These can range from an enterprise focus, which includes customer intelligence, collaboration, new product/market exploration, sales and service optimization, enterprise technology architectures, and governance, to more marketing and customer-focused efforts such as websites, mobile apps, ecommerce, social media, SEO, and advertising.

Key Components of a Digital Strategy

Forming Key Performance Indicators (KPIs)

Creating a digital strategy involves setting up clear strategic goals for your business, often known as Key Performance Indicators (KPIs). The best way to succeed in business is by setting a plan for what is to be achieved.

Dividing Resources

Working without a strategy or budget can make it difficult to determine where to allocate your resources. Creating a goal list helps assign tasks to specific staff members and allocate the budget to different areas of spending.

Efficient Planning

Writing a digital strategy creates efficiencies by connecting various parts of your business. Outlining needs, goals, and weaknesses can help identify areas for improvement or streamlining, saving both time and money.

Challenges Without a Digital Strategy

• Difficulties in building a cohesive business strategy.
• Inability to identify challenges, opportunities, and product innovations.
• Complexity in conducting financial analysis.

How We Help

Our company employs six types of strategies to support digital transformation:

• Platform Play: Engaging in platform strategies to redefine the industry’s value chain, allowing customers and suppliers to interact directly and benefit from network effects. For example, Accor's online booking platform for independent hotels.
• New Marginal Supply: Leveraging digital technologies to enable new forms of supply or services.
• Digitally-Enabled Products and Services: Creating new products or services with digital features to meet new demand.
• Rebundling and Customizing: Using digital technology to provide better, tailored products or services.
• Digital Distribution Channels: Investing in digital channels to make products or services more accessible to customers.
• Cost Efficiency: Using digital media to improve cost efficiency through automation or scaling.