Rethinking of Digital Strategy

Successful businesses must rethink digital strategies to address customers pain points, improve product and service efficiencies, and optimize resources. This will lead to a better customer experience, more profits, and scalability of the business. For example, banks must rely on mobile apps to deliver various services, including fund transfers, checks, balances, or requests. The pandemic forced many businesses to close down or work at a lower capacity temporarily.

The Massachusetts Institute of Technology (MIT) has indicated that digital strategies can succeed when they continuously produce profitable digital offerings. According to MIT, these digital offerings appear at the intersection between what is possible with technology and what the customer desires.

The pandemic also created the need to go digital. According to  surveys, close to one-third of the businesses in significant industries are thinking of digital programs by 2022, while another one-third have no such plans. The need to go digital is higher for global brands and massive organizations that introduce new processes, skills, structures, and technologies.

Beyond Technology

The digital strategy was considered a technology side intervention for making the processes and systems more efficient and productive. However, digital transformation requires a business strategy, designing a customer experience from the outside, and evolving a revenue model to become worthwhile. A successful digital approach is also about understanding the customer’s needs. 

The digital strategy also looks at the legacy systems and how businesses can save costs migrating databases to the cloud. Companies may have to think about the 4Ds—digital devices, digital platforms, digital media, and digital data.

Encouraging students and researchers with hackathons and other competitions with sponsorship can bring out the best digital solutions implemented in the industry. It has the twin benefit of utilizing the innovative potential of young minds and generating new

ideas for businesses.

For more information, visit the Cogent Infotech website: https://www.cogentinfo.com 

References

https://sloanreview.mit.edu/article/creating-digital-offerings-customers-will-buy/

https://www.mckinsey.com/business-functions/mckinsey-digital/our-insights/the-new-digital-edge-rethinking-strategy-for-the-postpandemic-era