A well thought out and articulated strategy allows your organization to pursue digital transformation that is focused on the full range of opportunities.
Take the time to formulate a winning strategy
Developing a strategy requires your organization to assess the need, potential new business models, the role your customers will play in your success and your internal process constraints and requirements. Without a well defined strategic plan, your organization's efforts will only be about implementing technology and apps. With the plethora of options out there that can somehow fulfill any perceived need, it’s the definition in the strategic plan that provides the natural selection process of suppliers, technologies and methodologies to adapt.
The Five Phases Digital Strategy
We look at strategy development as a process with immediate, short term and long term deliverables, benchmarks and consequences.
1. The Vision
Before you can accomplish it, you need to envision it. We start the strategy development process by agreeing on a Vision Statement, much like a startup and it’s mission statement.
2. Thinking it Through
We look internally and externally at your business threats and opportunities. Look inside to see your organization’s existing processes and ability to innovate. Look outside at the needs and desires of your customers and business partners, as well as understanding industry trends, competition and nearby potential disruptors.
3. The Business Case
Digital will be able to optimize revenues and improve profitability at a specific point in time. We define the correlation between your digital initiative, its potential value to the company and what it will cost to get there. This is the part where strategy meets finance.
4. Prioritizing for Opportunities
Determine your organization’s digital strengths and weaknesses and prioritize to your quickest wins and nearest opportunities. We believe the most important factor for the long terms success is actually being in the market. It is from being live that you obtain the data needed to make the informed decisions that performance and scaling require.
5. Iteration and Innovation
The surest path to true innovation is iteration. Decide on a strategy, execute it, collect data and iterate. Once you have enough data and experience, you will have the capacity to create innovative, new business models, customer experiences and scale.
Some basics to consider:
- Do have a digital strategy for your organization
- Have you identified the ways in which digital can improve business performance
- What are the metrics and KPIs that will allow you to benchmark your digital initiative
- Is your organization committed to move forward with a digital strategy
Digital Strategy is Iterative
It’s interesting to note, that much like many other business and technology processes, the development of strategy is iterative. This is so not only because of the learning process that happens as your strategy unfolds, but because of the very nature of change itself. What works today very well may not work tomorrow, requiring quick adjustments and sometimes even significant pivots.
Digital transformation is a term that encompasses many processes, not all of which need to be, or even can be, solved at once. Through our Digital Me focus, we like to look at this as a process made up of many opportunities. Digital strategy is a way of relating to many of these processes and forming a plan to generate results from the nearest to the furthest opportunities.
Strategy Needs Data Too
The performance data we collect and analyze provides an important feedback loop for our strategic development. We create experience and strategy with the task of hitting fast-moving targets. Revaluating and iterating strategy based on data allows us to see new opportunities and improve the likelihood that we are on the right trajectory for the next stage.
Customer-Centricity Improves Business Performance
With the increasing sophistication of our customers, digital strategy must serve the needs of the customer-centric organization. The job of digital strategy is it can to optimize the customer experience. Because let’s face it, businesses sell things to customers, not itself - thus making the customer journey the paramount effort.
How We Can Help You
At Sygnific, we start our engagement with a 360˚ strategy and business model assessment that is based on the intersection of your business goals and the needs, interests and aspirations of your target customers. Our focus is enhancing your relevance in the market by solving the most significant pain points, or Jobs to be Done, of your customers. We will work with you to present and resolve critical brand, business model, product and customer experience issues and drive growth for your business.
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