Digital strategy: Stay ahead of the technology curve with a transformational digital strategy

Digital strategy is an important thing for companies to have, even if your organization is embedded in a traditional, old-world industry. In fact, traditional industries need to develop an effective digital strategy more than ever because of the risks they face from digitally savvy entrepreneurs capable of disrupting their markets.

But addressing the threats from digital disruption is just one of many reasons business managers in established companies need to develop a robust digital strategy. Digital technologies are no longer just the preserve of Silicon Valley startups. They have spread throughout the global business world to become in many cases a make-or-break factor for corporate success.

Ignoring digital technologies no longer an option
Companies that were not born on the Internet can no longerignore the need for digital business transformation.There are plenty of examples of traditional businesses that suffered after failing to develop the necessary strategic initiatives to counter digital innovations or to take advantage of Internet-related technologies.

Despite this new reality, all too many companies still lack a coherent digital strategy. That can be due to a lack of personal leadership or a board that has simply failed to address the issue head on. Often though, executives recognize the importance of having a digital business strategy but they just don't know where to start.

Getting to grips with going digital
Developing the right response involves more than ramping up expenditures for cutting-edge hardware and software. Unwise investments in digital technologies can backfire without good strategy management and a commitment to organization change.

Executive training programs can ensure that key personnel have the competencies to develop and implement a digital strategy in your organization. One top-ranked business school offers a program in digital business transformation that is specifically designed for leaders and senior managers from all business areas.

Leveraging competitive advantage
The best digital strategy training courses prepare you as a decision-maker to develop a strategic plan by giving you a clear understanding of digital technologies and how they can leverage your company's competitive advantage. You can also expect guidance on such matters as:

  • What appropriate organizational change is needed to implement digital transformation
  • How to restructure your company and adapt its processes to take advantage of digital opportunities
  • Ways to reduce digital threats to your organization
  • What new digital technologies will impact your business
  • Identifying new products and markets that can be accessed through digital technologies
  • Rolling out a process to develop capabilities to support your company's digital strategy

Getting up to speed with the technologies
You should expect the right business leadership training to immerse you in the latest technologies and how they can be best applied to advantage. As an executive you may have heard some of the buzzwords. But you may not be at ease with digital innovations such as the Internet of Things, big data, analytics, cloud computing, mobile solutions and social media.

By learning the latest digital tools you can discover new ways to create value for your customers and to get a jump on the competition. With customers increasingly using the Internet to obtain information rather than television or print media, companies need to reposition themselves to take advantage of the digital opportunities through new marketing strategies.

Digital strategy consulting
Leading business schools offer digital strategy consulting to help lay the planning groundwork for digital business transformation. Such consulting programs also offer advice on how to respond to digital disruption with various solutions. Having a good defense can be as important as a good offense when it comes to digital strategy.

 

IMD business school

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See how IMD's Leading Digital Business Transformation program builds your digital strategy & business modeling skills - download the free brochure now!

 

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