A lot has been written on the subject. Let me present my view on the subject.
Digital technologies are tools for efficiency. They automate business processes, analyze data, communicate, and share data. Digital strategies define the process of deploying technologies to improve business outcomes.
It is the vision, business objective, and strategy of a business that is core to an enterprise. A good digital strategy is that which helps in achieving the business vision. The more aligned the digital strategy is to the business vision, the more effectively the digital tools deployed will perform.
Understanding the enterprise’s business model is also critical before the strategy expert starts preparing a digital strategy. Let me explain this with the help of a few examples.
Elon Musk’s companies – SpaceX and Tesla, operate on an Agile business methodology.
Airbnb has a platform business model. Walmart is a linear business model corporation.
The digital strategy for each of the three companies will naturally be different. The tools will be different.
A good digital strategy, in summary, will be the one that is aligned to the business model, vision, objectives of each one of these companies. It is then that it will help obtain for the companies the desired outcomes.
A digital strategy will be effective and aligned if it is built collaboratively after consultation with all enterprise stakeholders for whom the strategy is intended to be created.
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