Digital strategy is a phrase that has been on the tip of every tongue of business owners in recent years. While the term alone is easy enough to observe, finding the right strategy to suit the right business plan can be challenging and confusing. This requires us to think outside of the proverbial box. Still, can executives change their viewpoints and approaches to accommodate this? The notion of digital business operations can help executives move forward in today's world.
We have already seen how the digital age has changed the very environment within which we work. From project management to sales and the user experience, there are great opportunities that await. Still, what are some of the key rules of operation?
Also known as DigitalBizOps, the main idea is the fact that numerous new tools need to be embraced. What worked in the past may not work today or tomorrow. So, it is obvious that we need to be ready to accept changes although this can be easier said than done. To accomplish this, we should develop feedback loops between different processes (and throughout internal and external operations). These can help digital technology evolve as is necessary and just as important, we can ask the question "How are we doing?" as opposed to "How did we do?". This can enable the business to add new features and innovative techniques to stay one step ahead of competitors; the very same competitors that may suddenly launch a new service and revolutionize the industry (think of WhatsApp for example).
Unfortunately, agility comes with a price. Mistakes can be made along the way. While most executives are aware of traditional concepts such as business economics and internal pipeline management, what tools will allow such changes in digital strategy while helping to mitigate the risks involved? Concepts such as speed, efficiency and scalability are all now absolute necessities.
The world between the digital and the physical has become blurred. Data can be amalgamated directly into the virtual environment. Secondly, information can be made into reality with such objects as a 3D printer. These transitional assets are simply unable to be successfully managed with traditional approaches. In other words, the ways in which assets can relocate from the virtual to the physical world (and vice versa) need to be taken into account. Further metrics such as the sheer density of the presence of data (such as information related to the production of a physical product kept in the virtual world) and how quickly this data can be transformed are transitional principles that need to be dealt with.
It is obvious that novel approaches need to be taken. Some of these will include:
- Ways which allow for rapid experimentation
- A flexibility which can jump on new opportunities.
- The adoption of an agile approach which can very literally grow and change as the needs of digital strategies evolve.
Technology-driven approaches are now directly related to physical outcomes in the business world. By realizing both sides of this proverbial coin, a competitive edge can be achieved that would have otherwise been impossible.