The current business environment is such that there are too many implications if you do not keep up with the times. And in saying the times, we mean being digital.
Why you must have a digital strategy?
It does not matter what business you are running. Whether you are a small business or a simple franchise of a local brand, you will need to stay current. This is where you need to have a digital strategy to push your business to a higher level. What is a digital strategy really? This is something that you must know.
In a business sense, it refers to a strategic management approach to tap into the digital platforms for your business. In other words, you are looking at adopting and using technologies in your business processes and activities. In fact, it focuses on using new digital platforms and embedding them into your operations.
Is Information Technology involved?
This is definitely for sure. Information Technology or IT is the fundamental platform for your digital business strategy. It includes knowing the technologies that cover the likes of e-Commerce, mobile applications, social networks, search optimization and others. When you adopt a digital strategy, you will need to start from the drawing board.
This means that you need a team that will tell you what you need and how you can get there. In other words, you need to first know how important IT is to your strategy. The internet is the most basic form of infrastructure. When you digitize your business and start looking at ways to sell them through digital means, then you would need to adapt your digital strategy.
What does your Digital Strategy entail?
Do not assume that your digital strategy is all about digitizing your business. While that plays a crucial role in your business, there are other aspects that will make-or-break your business. You will need the following:
- Data: this is used to analyze the trends of your customers’ behavior and for forecasting purposes
- Devices: Your digital devices are very important here. They might not be the only devices you use but they definitely will be the ones you count on for your business to work. As such, you will definitely need laptops, mobile phones and others
- Supply Chain: Your digital strategy must cover all the different stages of your supply chain. Take note that it should start from production and if possible all the way to delivery to your customer
- A & P: When you adopt a digital strategy, you must ensure that your marketing campaign is on the digital platform. You need to look into a whole new and different strategy when it comes to promoting your products and services. Take note that this relates to using social media and SEO and not digital devices like LCD screens
Who is the main driver?
The main driver of a digital strategy in a company would surely be the top management. The CMO or Chief Marketing Officer would be the most suitable person to lead the strategy. In fact, the marketing team would be the most appropriate champion to spearhead the digital strategy of any firm.
This is because this strategy can only work if the top-down approach succeeds. Without the endorsement of the top management, the people in the firm will not be on the same page. As such, clear communication of the goal of the strategy must be in place before the exercise should even take off.
Ultimately, it takes everyone in the firm to collectively drive this strategy.
The top management must have the vision and objective to get there. The middle manager must adopt the technologies to help with improving productivity. The lower-line employees must use the tools provided to ensure that this strategy is rolled-out successfully.
One such case that worked extremely well was with Malaysian bank Maybank when the country’s largest bank launched its online banking portal, Maybank2u. It took all the employees in the bank throughout the country to speak a single language and message that drove the strategy to a resounding success.
