First published in The Voice blog of the Ottawa Chamber of Commerce, September 15, 2014.
How to get traction with your company’s digital strategy
We cannot avoid the impact of digital on our plans for the future. Here’s a sample of business headlines from the last month:*
- “Best Buy’s web sales rise as store sales fall”
- “UPS tests pickup points for online orders”
- “Staples says its omnichannel strategy increased web sales in Q2”
Offering opportunities (new revenue streams, distribution channels, and operational efficiencies) with simultaneous threats (shifting customer behaviors, higher service expectations, decreased asset utilization), digital feels overwhelming.
Instead, think of it this way: “Digital strategy is the process of identifying, articulating and executing on digital opportunities that will increase your organization’s competitive advantage.”
Digital strategy leads to competitive advantage
Think of digital as your company’s chance to create value that no other business is capable of. To succeed at digital, there are six process areas – the Six Dimensions of Digital Strategy – your company will need to address as you tackle digital:
- Human resources: Who are the people who will help plan and execute your digital initiatives?
- Technology resources: Which technologies will your business need to use to implement your digital initiatives?
- Data strategy: Data is an output of digital and the differentiator from its offline equivalent, allowing you to drive continuous improvement in your processes. What is your plan for leveraging its available insights?
- Content strategy: Digital demands that companies produce content efficiently and accurately across multiple platforms and channels. Are you ready?
- Channel strategy: Which channels – for marketing, transactions, distribution – can you realistically support, in a sustained, profitable way?
- Social Business strategy: Prospects and customers assume your ability to interact and collaborate – are you prepared for the transparency that will result?
What are your company’s current digital capabilities?
Start by assessing your company’s capabilities in each dimension. What are your strengths? Where are the gaps? What steps can you take this quarter? Where should your capabilities be this time next year? What will be your competitive (digital) advantage?
Learn more at Digital Strategy Conference Ottawa from September 29-Oct 1, 2014 – and save! Ottawa Chamber Members get $100 off.
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