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Mighty Encyclopedia

Digital Business Strategy

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.

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