Digital Strategy - Business-led, IT Enabled
Don’t fall into the trap of being driven by the hype of new technologies. Your business model leads your IT needs, not your IT team.
What's the problem?
Low Digital Literacy
Have you struggled to unlock value from prior digital transformations? It's no surprise - these happen infrequently, so the necessary skills may be lacking.
IT is an Order-Taker
IT teams are left out of strategic decisions in 4 out of every 5 firms. This leads to purchasing shiny new toys rather than strategic tools.
No Common Language
Can your business peers articulate what they need in a way IT can understand? If not, you'll spin your wheels and burn your budgets.
The business needs to lead this transformation. How? Fall back on the skills you already use:
Identify the data you need to succeed
When you map out your business model, you can quickly identify the key areas where data drives business value. Think of the following:
Identify Digital Touch Points that Matter
With a Business Model Canvas in hand you can map out the data touch points. If you’re from the business you might think that data is the purview of IT, but it’s not:
- Who knows the most about your Customers?
- Who has the relationship with your Partners?
- Who books the transactions that power your business revenues?
- What information do you need to manage these key relationships?
Business teams know what data they need to succeed, but they don’t always know how to articulate it. If we laser in on one data focus area – Customers, for example – we can ask simple questions that detail our data needs. IT teams can then translate these needs into digital touch points, delivering the right information to the right customer and the right time to make a sale.
How does this help with Digital Strategy?
Clearly define important touch points
Focus on the digital channels that matter. Deliver the right data at the right time so you can win more customers and make more money.
Highlight areas of weakness today
Great strategy leads you from where you are today to where you want to be tomorrow. We'll identify digital friction and eliminate it.
Spot new opportunities
Are there areas where more data, better data, or 3rd party data could dramatically improve your existing business model? Let's find them and grow more quickly.
What do you do next?
The easiest way to do this is to bring together team of senior executives and ask “dumb questions”. One challenge you’ve got in mapping this yourself is that you’re often too close to the business to see challenges and opportunities. External consultants can help by challenging conventional wisdom.
Either way, you need to model your business before you can create a digital strategy. Focus on the data that each key process or relationship needs, and build a strategy to improve it (or acquire it).
The touch points between critical activities, partners, channels and customers will determine where you focus your efforts.
If you need our help to make this a reality, set up time to chat using the link below.