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Digital Strategy - Easily Grow Revenues, Cut Costs and Reduce Risk

What is good digital strategy?

What is Good Digital Strategy Anyway?

Before we create a strategy, we have to identify what we’re aiming for. Learn what great looks like when it comes to digital strategies.

Answers

What belongs in a Digital Strategy?

Here are the major elements you need to deliver in your strategy. Ensure you’ve got the following nailed down before you go further:

Right, first time

Clear Problem Definition

This is your "why" and it's essential. Spend most of your time identifying the major problem or opportunity your strategy will solve.

Identify your Customer

Who are your solving this problem for? Will your solution impact other teams? How will you know when you've succeeded?

Where do I begin

Principles, please

What are the guiding principles behind your solution? In the absence of clear policy, how will staff know what you need them to deliver?

Leverage success

Leverage Strengths

One beautiful thing about your data is that it's likely to be your most unique asset. No other firm will have the same intel. Let's put that to use to win.

Overcome Weaknesses

No firm is great at everything. Let's baseline your current capabilities so we can create a plan that mitigates any weakness we find.

Data strategy

Coordinate your Action

How will you execute? What will you do first, and why? Who do you need to perform which role? How will you leverage your strengths?

Why this matters

IT focused Digital Transformations that focus on the marketing blurb of the system vendor fail. Before you go near a vendor, map out:

You need to map actions and outcomes

Why is this so challenging?

Major organisations are extremely complex. If you solve a problem for one part of the business, you may inadvertently create a bigger problem for another part of the business.

CEO’s tell us that 75% of the time, cross-functional teams are dysfunctional. Historical business silos can be hard to break, and you need to be able to understand the consequences of any change before you make it.

Key questions:

Ambidextrous strategy solves problems whilst attacking new opportuntities

It is possible to create a strategy map that allows you to navigate this uncertainty. At Cognopia we run workshops to generate Decision Diagrams – think of them as a flight simulator for your major strategic bets

  • Know what will happen if you take certain choices
  • Know where to invest your money and resources
  • Avoid costly business mistakes before they’re made

To successfully bring together these decision models we need to bring in C-Suite AND D-Suite (the doers in your firm).

By collaborating between the strategic vision and the on-the-ground execution, you can create a map that reflect the best knowledge across your Enterprise today. Because teams are invited to create these maps they feel ownership and accountability for their success.

How does this help with Digital Strategy?

Right, first time

Know the outcome before you take action

Don't waste money on a new technology until you're sure it will deliver value.

Agree what success looks like

Nothing energises a team more than a set of common, achievable goals. Get everyone pulling in the same direction.

Real world examples

Break down silos

Cross functional collaboration is easier than you think. Document the hidden knowledge from your business.

What do you do next?

Modelling a decision needs a few key things:

  1. A clear problem statement – what is the decision that’s being made
  2. Documented measurable goals – how you’ll know when you’ve won
  3. A list of constraints – financial, legal, ethical – what are we allowed to do when solving the problem?
  4. A diverse team from across your enterprise, equipped with open minds
  5. A mix of blue-sky thinking and cold, hard pragmatism, and;
  6. The ability to link actions with outcomes

Getting the right help to moderate these sessions is key. You need someone that can energise your team and get their inner design thinker to come out. They also need to be able to dig into the detail, and ask tough questions when it’s time to be pragmatic. 

We’ve been using this approach for many years, if you’d like to understand how it works then book a call with the link below.

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