Is digital changing strategy planning?
Digital is now so embedded in the modern world that it’s difficult to think of any processes that aren’t, at least in part, touched by technology. For enterprises, the shift to an always-on and interconnected culture has led to a business world which is more responsive and flexible than ever before.
However, that change hasn’t happened by accident, with effective strategic planning playing its part. But the question remains, is digital having that much of an affect on the way enterprises plan for both the present and future.
Digital today, better decisions tomorrow
According to research from McKinsey and Company, the answer to that query is a firm yes, with the bigger issue being in how organisations are adapting their strategic planning processes in line with technology.
If organisations can optimise their business models to be viable in the digital world, then their strategic decisions and general direction setting will be made much easier, predominantly down to the fact that there are more tools available to help.
Increased agility through technology
“There’s a set of just pure automation and technological advantages that companies can claim in their ways of working. These provide strategic capabilities that never have existed before, such as data insights to understand what consumers really need, what they value, and how to deliver that to them as quickly, seamlessly, and painlessly as possible,” explained Jay Scanlan, strategy leader of McKinsey Digital.
Furthermore, digital is now penetrating the entire modern enterprise environment, whereas in the past it would have been limited to the IT department. High-level individuals, particularly those in the boardroom with the power to make decisions, need to be aware of how technological change is advancing and altering the business world.
Consequently, those that react fastest and can create a culture that sees digital touch not only their strategic planning practices but also the wider enterprise will likely be the ones that rise to the top and stay there in the long-term.