Can Your Business Survive Without Digital Strategy?

This isn’t a rhetoric, it is a question every business person should ask themselves at every point in their business. For the purpose of this discussion, our focus will be on digital businesses. In the last decade, most businesses that want to compete have come to the realization that they have to go digital.

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Now let’s consider what a Digital Business is? A digital business in layman terms is simply a business that leverages on digital (new) technology to amplify their gains, or simply for business growth. It is evident in this generation of millennials, that everything is driven by technology, old ways of doing business are fast becoming obsolete and any business that wants a level playing field will have to “go big, or go home”.

All around you, technologies exist that could optimize the way you live and do business. Digital Strategy therefore, is a blueprint or a set of laid out goals to maximize your business process using technology as a viable resource for optimum end product.

All around you, technologies exist that could optimize the way you live and do business. Click To Tweet

Jorge Lopez of Gartner, Inc. says that by 2020, more than seven billion people and businesses, and at least 30 billion devices, will be connected to the Internet. With people, businesses and things communicating, transacting, and even negotiating with each other, a new world comes into being – the world of digital business. The question here is, as a business owner or employee that wants to be effective at their jobs, do you have a plan to compete and carve your own share of the market?

The way businesses communicate with their consumers is changing by the minute, you’ll agree to it that going through some erstwhile tedious process of shopping has been simplified by a countless number of online stores. If you are a retailer what is your plan to reach your customers in a few years, you might have noticed patronage is on the decline, but simply re-branding your business and creating a functional digital plan could be all you need to get back in big time. There are several views on the exact definition of digital business from industry experts. Gartner says that digital business is the creation of new value chains and business opportunities that traditional businesses cannot offer. McKinsey emphasizes that “digital should be seen less as a thing and more a way of doing things.”

Most digital businesses fit one or both of these points; they focus on creating value at new frontiers for their core business, or they use digital technology to drive growth, revenue and performance in ways that were impossible with traditional models.

It may be helpful for companies to review common elements of digital business and compare them against their own business models. These are some of the trends that differentiate digital from traditional processes.

  • Use existing technologies to cut costs, gather data and provide a better customer experience. Digital businesses focus on the competitive advantages that technology gains them, whether that’s reducing overhead or providing new value to their customers.
  • Embrace the concept of digital transformation and the cultural shifts that it requires. The implementation and management of digital services can necessitate organizational restructuring, especially as new roles are created and IT is given greater input into strategic decisions.
  • Explore new business models that put customer experience at the center of digital strategy. People are often willing to spend more for an exceptional customer experience, making it a key differentiator in the digital economy. Business models that align with this hyper focus on customer satisfaction will eventually center on digital services, since digital is increasingly the experience that people prefer.

All around you, Digital businesses exist, The Ubers, Netflixes, Shopifys and countless others of this world, there is a digital space for your business. It is the age of the millennials, businesses that don’t adapt for their own good will most likely die off.

All I’m saying is, Digital Strategy is a plan to make life easy for your consumers using new age tech. This keeps them happy and happy consumers, fella, is most likely equal to bigger revenue.

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At Capeworx, one of the personalized services we have on offer is Digital Strategy, in need of such?  Click, Let’s get started.