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Digital business strategy is no longer an optional issue for traditional companies battling tough competition in a fast-changing corporate environment. Having a digital business strategy, a really effective digital business strategy, is essential for organizations to flourish in an age when digital technologies have transformed the marketplace and given rise to new business models.
For powerhouse tech giants such as Amazon, Apple and Google, having a digital business strategy goes with the territory, given that these trailblazers emerged from the Internet. But traditional businesses should be embracing digital business transformation or they face being left behind as digital technologies continue to reshape the competitive landscape.
Why digital innovation matters
The impact of digital innovation has gone well beyond its Silicon Valley origins to invade every sphere of business activity. These innovations are allowing agile startups to challenge old-world businesses and to gain market share. Traditional companies without a digital business strategy are particularly vulnerable to strategic initiatives from fleet-footed firms able to leverage the right digital technologies to gain access to customers.
Many companies still don't get it
A survey from a top-ranked business school shows that a high percentage of top companies in all traditional business sectors face being displaced by digital innovators. Yet many companies are either unaware of the risks or are failing at the board-level to take proactive measures to deal with them.
But you can take steps to ensure that your organization stays ahead of the game. Top international business schools offer digital strategy consulting and digital business transformation courses to prepare executives for the necessary changes.
How digital business strategy training helps
Executive education offers a way for you to quickly get up to speed on the central digital technology issues. The best training will give you the leadership skills and know-how required to develop and lead a strategic plan for digital transformation in your organization.
Look for advice on how to develop a digital business strategy that leverages your company's competitive advantage and develops initiatives to preserve it for the future. The most effective strategy goes beyond just having the right technologies in place. It provides a clear understanding about what the technologies can do, ensures the appropriate organizational change and builds extensive capabilities.
Competing with the tech giants
Executives and senior business managers from different business areas — not just those in IT — can benefit from digital business strategy training. Whether you are in marketing, operations or strategy, you can learn how to develop a strategic plan for digital business transformation that cuts across organizational departments.
Typically, such courses give you tips on how your industry can compete with “born on the web” companies such as Amazon and Google. You should learn ways to boost innovation and digitalization in your organization, while getting the most out of digital tools such as analytics and mobile solutions.
Digital: opportunity or threat?
Leading business schools offer digital business strategy training that allows you to identify digital technology opportunities, as well as threats. By understanding such concepts as digital disruption you can better prepare your company to deal with emerging competition that threatens your value proposition and market position.
Such management training will also familiarize you with such digital innovations as the Internet of Things, big data, social media and cloud computing. You will learn how your company can use these innovations to boost performance. You will discover how the latest digital trends can help you create exceptional value for your customers.
Knowing all this, isn't it time your organization developed a digital business strategy?