Digital is driving major changes in how companies set and execute strategies. Results of a new survey point to four elements. These elements top performers include in their digital-strategy and operating model.
For a lot of companies, there is a certain process of building and executing a good strategy. But the digital age seems to generate more questions than answers.
Digital’s dramatic effects on global business, have upended many industries. With the increasing speed of business, companies are making little progress.
The business world’s digitalization is roughly the same as it was a year ago. Suggesting they are getting stuck in their efforts to successfully transform their business.
So, the need for an agile digital strategy is clear. But this seems to elude many. Resulting in plenty of pitfalls. These we know, usually end up in failure. This is where the expertise of Whitehawk Associates digital strategists truly does come in.
Our highly knowledgeable team here at Whitehawk Associates has studied how companies are reinventing themselves. Especially in response to the digital revolution. Not only to avoid failure but to succeed and thrive with success.
In this study, we explored which specific practices organizations must have in place. Thus shaping a winning strategy for digital.
In essence, what the operating model looks like for success.
The Whitehawk Digital Strategy of Reinvention
Basing it on various responses, we found four main areas.
Each has a marked difference. Highlighting how companies with the best economic performance approach their digital strategy. Then, we compared this with all the rest:
- The best performers increase the agility of their digital-strategy practices. This enables a one-move opportunity.
- Taking advantage of digital platforms to access broader ecosystems. Plus, the need to innovate new digital products and business models
- Building new digital capabilities, enhancing their digital businesses.
- They have invested in new talent well ahead of their peers.
Executing an agile strategy
The biggest factor is how quick and adaptable a business or enterprise can be. This is needed to set, execute, and adjust their digital strategies.
Speed and adaptability. The two magic words operating models rely on for a successful digital strategy. Both are necessary for a company to achieve its all-important 1-move strategy.
So how is this done
Whitehawk Associates examined the frequency with which companies follow their operational practices. Resulting in an agile digital strategy.
Whitehawk Associates findings showed a very strong link between frequency and performance. This stands up when considering a company’s earnings before interest and taxes.
As the pace of digital requirements continues to speed up. So, companies are now required to reallocate capital and people far more quickly.
A good digital strategy enables companies to become better at spotting emerging opportunities. Thus, cutting their losses, enabling better profitability and growth, resulting in higher revenue.
The Investment in Great Digital Talent
We know how important getting the right digital talent is. This is so very important for any digital success. The point that Whitehawk’s latest findings only reinforce.
Digital talent is a scarce commodity. With the pace of digital still outstripping the supply of people who can deliver it. This is an area in which the top economic performers make a far greater effort in solving this problem.
Digital Strategy Facts & Stats
- In 2019, 64% of digital companies were more likely to have exceeded their top 2018 business goals.
- 45% of companies reported positive business growth. A direct impact of digital transformation. They also reported higher net revenue growth.
- 76% of executives agree that organizations need to re-engineer their experiences. One that brings technology and people together. Incorporating less of an AL-manufactured manner.
- 52% of companies plan to cut investments. This was due, over the last couple of years to COVID-19. But 9% will make those cuts using a digital transformation strategy.
- 87% of CEOs say digitalization is a company priority. But only 40% have brought a working digital strategy fully into their workplace
- A lot of companies now use technology. They do this to modernize their existing business model. Instead of transforming it.
- The digital transformation market is forecast to grow at a CAGR of 21.6% in 2019 to $6,194 billion by 2026.
- Global companies in 2021 that had a successful digital strategy, had a rise in profits of 79%. This is compared with the same quarter the previous year.
- 75% of business owners spent 20% or more of their annual turnovers on a digital strategy. Resulting in the following year’s profits rising 55% on average, higher.
- In 37% of companies, CIOs lead transformation, while only 12% of CEOs do.
The Whitehawk Association Digital Strategy Track Record
Whitehawk Associates are an award-winning management company with enterprise-level experience. We’re industry veterans with some of the best talents in the business.
Analyzing every aspect of your business. from staffing, office to website to client satisfaction. We also identify business errors, keywords, and opportunities. Right the way through to completion.
Over the years Whitehawk Association has successfully built a rock-solid reputation. Every one of our success stories starts with a talented team of digital strategists striving for that relentless pursuit of excellence.
Also read : A Step-By-Step Guide To Digital Transformation