Digital strategy uses technology to improve business performance by reimagining existing processes and where necessary creating new products. It analyses and specifies an organistations direction to create new competitive advantages with technology, as well as the tactics it will use to achieve these changes. Sometime this can includes changes to business models, as new technology makes it possible for companies to innovate, change direction or provide services that weren’t previously possible.
The term “digital strategy” is used to describe the effort behind digital initiatives.
A digital strategy leads to the creation of a plan. While you may keep changing the specific tactics you’ve decided to pursue, a digital strategy gives a clear path to your understanding of what digital means for your company.
Digital strategy focuses on the use of technology and is relevant to changes in business models, and transforms the use of technology to create the capabilities a company needs to become a digital business. A digital strategy is key to the transformation process, ensuring that technology is being implemented in a way that supports the business objectives.