Today technology has blurred the lines between various industries and geographies. With greater digitization, the way of doing business is taking a new shape. However, digital strategy is still not understood in its true sense. It is like blind man and elephant story. Each of the touch point in a business environment looks at the digital strategy in a different way.
Head of marketing looks at digital for reaching out to new consumer, Head of IT looks at digital for putting the systems on cloud, Head of finance looks at digital for generating more revenue, CEO looks at digital for creating brand awareness. But all these need a binding factor called Digital Strategy else entire strategy will be torn in between these points of view.
Digital innovations have brought in disruptions in business and way of doing business. Digital products have completely changed the face of business mechanics. It has brought in new territories which were previously unthinkable. Digitization has forced the management to look after the new customer segment which was impossible to physically reach.
Many top executives know that they have to look at digital strategy of their business but they are taking only small and cautious steps instead of rolling it out fully. Some of the executives know that it is important but they are not making enough time to think about it. Many companies have their web sites for more than a decade now and some amount of social presence and think that they are digital but that is not the case. Digitization and Digital strategy is way beyond this. It is a continuous process evolving and touching every part of the business.
Defining Digital Strategy
A digital strategy is an important item in the list of business strategies. In layman terms it is about using technology to simplify various aspects or divisions of business by using automation and reducing manual processes to achieve utmost speed and accuracy in deliveries It includes from higher order digitization such as softwares for production and service optimization, enterprise solutions, digital innovations to activity based Digital Marketing tools such as a website, mobile apps, SEO, Social media marketing.
Digital Marketing Strategy and Implementation
A company needs to explore all possible digital media to promote their business. The choice of media and platform for promotion will be based on the their business objectives, markets targeted, audience demographics, technology reach and types of technologies available to create an optimum digital strategy. Digital marketing encompasses all the elements which touch upon the external environment of the business like customer, market, suppliers, vendors, investors, shareholders etc. Digital marketing involves entire digital marketing and social media marketing strategy.
Custom Digital Solutions
Digital Solutions: A digital strategy also includes the digitization of the operational processes/systems to manage workflow and productivity of a company. Proper identification of the process that could increase productivity and benefits to the company is critical as it needs to be profitable in terms of cost, maintenance and profits achieved through it.
Digital Engagement Solutions
By creating various customer engagement products a company can tackle a pain point of the customer, provide a facility to the customer or even acquire new customers. Digital Engagement solutions like on line market place, payment gateway, Mobile and tablet apps, AR, VR, virtual banking have all changed the dynamics of the business. E-platforms have enabled the consumer to sit in his own environment and shop at anytime. This has created a global market place rather than geographical markets. Digital products have not only been introduced in tangible products but also in service sector.