Companies hoping to take advantage of the opportunities provided by digital technologies need to ensure their strategic planning processes offer the best chance of success.
Recent Gartner research found Australian firms may be slipping behind the curve in terms of digital proficiency, with many organisations cutting IT budgets and failing to hire senior specialists in this important business area.
However, management consultancy McKinsey & Company has offered advice on how to approach your digital strategy in the right way.
1/ Be aspirational
Many successful digital businesses set strategic aims that may seem unreasonable, but it is this effort to achieve unique objectives that sets companies apart.
McKinsey noted that if your organisation's targets aren't making people nervous, you might not be aiming high enough.
2/ Build from within
Companies must align their leadership development strategies with digital goals. Ring-fencing and cultivating digital talent will ensure you are building the skills and experience needed for now and in the future.
3/ Acquire digital capabilities
Not all digital skills can be developed within your company; some of the best talent may need to be hired from external companies or industries.
In fact, unless you're a technology firm, it is unlikely the most qualified digital workers will be operating in your sector – but you should try to recruit them anyway.
4/ Rapid decision-making
Making quick decisions is vital in an ever-evolving digital world. Business strategy software such as StrategyBlocks can help you monitor your existing digital objectives in real-time, so that rapid adjustments can be made where necessary.
This gives you the agility and flexibility to keep up with market fluctuations and changing economic environments.
5/ Form customer-centric strategies
Today's consumers are an increasingly discerning group, with high expectations and a willingness to migrate to competitors who prioritise customer experience.
Ensure your digital strategy always puts customers at the heart of decision-making to help boost retention.