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What is a digital business strategy?
A digital business strategy is a plan to transform business with technology; this could come through adding digital products, improving operations with digital solutions, or transferring some or all of legacy business to a digital form.
While we often like to think of tech as a sector, the vast majority of companies and brands are becoming tech businesses in one way or another. A digital business strategy helps shepherd the digital business transformation. By 2023, it’s estimated that spending on digital transformation will reach 3.4 trillion USD annually.
Why you need a digital business strategy
Scale: Moving your business to digital can have a huge impact on the possibility for scale. For example, imagine transforming your product from a physical product to a digital product. Instead of manufacturing and shipping, you can create more with the simple click of a button. Imagine you have a training course you teach that can be delivered partially digitally. It’s a game-changer.
Efficiency: Adopting a digital business strategy helps you find important efficiencies. For example, tracking operations or supply chains with digital tools can help you see what's working and what's not, and optimize accordingly.
Profitability: A digital business strategy can make your business more profitable.
Improved customer service: A digital business strategy can streamline the way you serve your customers and handle customer service. For example, replacing a call center in part with an efficient app or chatbot can save money while making your customers' lives easier.
Access new markets: Taking a product or service digital can help you reach markets around the world you wouldn't otherwise reach. Imagine a local clothing producer who goes from operating a storefront to selling online. The potential for success is endless.