The digital economy is disrupting the business models for several government and non-government organizations worldwide, from how they engage with customers and deliver products and services to how they organize their workforce and structure their supply chains.
While digital technologies have been around for decades, the speed at which they are advancing is truly unprecedented. The only way to stay ahead of this ever-changing landscape is by embracing new approachesof working and thinking formulating new strategies to gain competivite advantage.
Developing strategies in a digital economy demands new approaches to strategy formulation and execution.
The digital transformation has become a reality for many organizations and will continue to evolve over time. As such, it is important to consider best practices when developing strategies in a digital economy.
Establishing your organization’s goals and objectives is a crucial first step in the strategy-formulation process. However, setting clear objectives does not necessarily mean that you have identified all of the elements required for success—your current capabilities must also be assessed so that you can accurately determine whether or not you are equipped with what it takes to achieve these goals. Evaluating these factors before moving forward with your strategy will help ensure that its implementation is successful from start to finish.
In addition, it is important to understand that strategy-formulation is an ongoing process; it does not end when you have established your objectives. Rather, the process should be viewed as an exercise in continuous evaluation and refinement. This is especially true in a digital economy where the pace of change is rapid and ever-evolving technologies make it difficult to predict what will happen next—and how they will affect your organization’s ability to compete effectively.
Understand your clients.
Identify your clients. Clients are the most important asset of a company; they are the reason why it exists, and they determine its success or failure. To develop an effective strategy, you need to understand what your clients want and how they will use your services. Their needs have changed significantly in recent years—and they will continue to change with each new technological development—so it is essential that you keep up with these developments as well as their reactions to them.
Listen closely to what your clients say about their experiences with you and other companies in your industry. They may expect certain things from you that may not be possible (such as making an appointment within 24 hours) or unrealistic (such as getting an immediate refund), which only complicates matters further when those expectations aren’t met due to factors beyond anyone’s control (elderly patients taking longer than expected on average). By listening carefully based on these insights rather than taking everything at face value when developing strategies based on feedback received directly from customers themselves instead of just relying on indirect means such as surveys conducted through third parties such as market research firms.”
To get started, you should develop a better understanding of their problems, needs and priorities.While this may seem like a simple task on its own, it can be more challenging than it seems because different clients have different behaviors and preferences for solving similar problems.
Collaborate and innovation.
In today’s digital economy, collaboration is key to successful transformation. It isn’t just about IT and business; it’s about all levels of the organization.
Consider this: a customer service employee may realize that a new feature could be helpful to her colleagues on another team. She shares it with them, who then suggest some adjustments based on their own experiences since the feature has been implemented. The product team then tests these adjustments in the lab and turns them into an upgrade for customers’ next update package. When they’re satisfied with its performance, it moves back through channels until it reaches users across multiple geographies and languages as part of their regular review cycles (which also serve double duty as training opportunities).
Of course, this kind of flow only works when everyone understands their role in making sure that every element meets quality standards before moving forward—and ensuring those standards aren’t being neglected at any point along the way!
Bridge the gap between business and IT.
The first step in forming a digital strategy is to bridge the gap between business and IT. This means understanding what your organization needs, how it operates, and where it wants to go. When developing a strategy, make sure you have clear goals set out for yourself and your team.
It’s all too easy for organizations to rush into digital transformation without really thinking about what they’re trying to accomplish or how they will do it. Without a clear goal in mind, there’s no way of knowing whether you’ve made progress towards achieving that goal—or if you’re even moving in the right direction at all! You need strategic direction before beginning any sort of project; otherwise things can get messy very quickly.
Keep on top of new trends.
As a leader, you need to keep on top of new trends because they can have a major impact on your business. While there are many new technologies that are evolving in the digital economy, here are some examples that might be of particular interest to you:
- Mobile payments and mobile wallets
- The Internet of Things (IoT)
- Artificial Intelligence (AI) and machine learning
- Blockchain
- Metaverse
From an employee perspective, artificial intelligence is already having an impact by automating tasks and freeing up people’s time for more creative work. From a customer perspective, technologies like AI will continue to increase our reliance on technology as it becomes more advanced—and perhaps even replace humans in some cases!
Conclusion
In short, in order to formulate strategies that are effective in a digital economy, you must understand your clients, collaborate with them at all levels, bridge the gap between business and IT and keep on top of new trends. This requires flexibility, collaboration and innovation-on all fronts.
To know more about latest methodologies, tools and approaches used by AY&R’s team of experts visit our Strategy Page, or contact us for further details