Defining digital outcomes, aligned to business goals, and the approach for achieving them.
Digital is not a byword for technology, it is an approach to business that promotes innovation, agile practices and the harnessing of technology to rapidly deliver customer value.
Having a robust digital strategy, aligned to your business’s goals, can help your business compete against new entrants to your markets who are not encumbered by legacy technology & processes. At the same time it enables you to maintain and grow market share against existing competitors who are employing new approaches to improve their products & services.
By focussing your business on the delivery of customer value, and removing operational inefficiencies to enable staff to spend less time on administrative duties and more time on value-add activities, a digital strategy promotes adaptability and delivery. And these traits have become a pre-requisite for successful companies in today’s world. Sometimes, you simply cannot foresee certain situations – like a global pandemic – and survival is a matter of being able to respond quickly and effectively.
Through the embedding of agile practices and shifting the organisation’s structure and processes to support a culture of innovation, a holistic digital strategy enables an organisation to deliver not just evolutionary improvements to its existing products and services, but revolutionary change across its whole portfolio. In many cases this will involve the introduction of completely new products and services, often targeting different industries or other parts of existing sub-industries currently not being served.
Being digital isn’t about how you use technology, it’s about how you think. Key to a digital strategy is shifting the corporate mindset from one fixated on executing pre-agreed change to one that harnesses exploration. One of today’s biggest challenges for organisations trying to become digital is that they are fundamentally risk-averse and this is baked in to their cumbersome and protracted approval processes. Rather than investing a disproportionate amount of time and effort in reducing risk, being digital requires the acceptance of risk, but does so on the basis that risk is carefully and continually managed.
With expertise in both Technology and Transformation, the BDO Digital team can support your leadership team in defining your Digital Strategy. Starting with the Vision for your medium to long-term ambitions, we will work with you to break that down into specific goals and, ultimately, into actionable initiatives that can deliver tangible value.
Underpinning this will be a governance framework covering areas such as prioritisation, risk management and regular value reviews, to give your business the necessary level of oversight and control without unnecessarily stifling your delivery teams.