4 Key Practices of Digitally Mature Companies
It’s not just about bringing technology
PHOTO CREDIT: Getty Images
If you are like most people, you think that increasing your digital edge comes down to adding more technology to your business. In reality, digitalization goes far beyond the various technologies that companies use.
Deloitte Digital and MIT Sloan Management Review surveyed global executives and managers to get a better idea of the practices that go into making a company digitally mature. The researchers discovered key practices that digitally mature companies follow. These practices do not involve adding more technology, proving that technology is just one piece of the puzzle. If you’re going to create a digital edge, you need to add these practices to your own business strategy.
Put a Digital Strategy in Place
This might seem like a no-brainer, but in reality, lots of businesses don’t have digital strategies in place. In fact, 50 percent of businesses surveyed by Smart Insights admitted they don’t have a defined digital strategy in place.
These businesses do engage in digital marketing, though. They just don’t have a clear strategy to guide them. That means they can’t get the best results possible.
Your digital strategy needs to be a major component of your overall business strategy. It should be a part of almost everything you do. That will help you reach digital maturity at a much faster pace. If your digital strategy isn’t a part of your company’s DNA, it’s time to go back to the drawing board and figure out how to make it happen. Then, you will have the foundation you need to create a digital edge.
Get the Best Team
One has to wonder which came first, the talent or the digital edge? In reality, the two go together. The best talent helps companies build a digital edge, and having a digital edge makes it easier to recruit the best talent. Recruit people who are serious about helping your company succeed in the digital world, and have them get to work. Creators and innovators will help you build your digital presence quickly. Then, use your digital edge to recruit more top-notch people. Before long, you will have a company filled with the best talent in the industry.
Think About the Future
Think about how much technology has changed over the years. It seems to change every few months, and digitally mature companies understand that and do their best to predict changes.
You need to have both short-term and long-term strategies in place. Your short-term strategy will focus on the next six months or a year and will include all of the technologies that are readily available. Then, you need to think about the next several years and consider the changes that might occur. The best companies even go beyond that and think 10 or 20 years out.
Some of your predictions might be wrong, but by understanding the changing landscape, you are more likely to make huge strides in your business.
The digital landscape comes with successes and failures. If you celebrate the successes and hide the failures, you will not be successful. You need to let everyone know when you fail so everyone can work toward a solution together. Then, when you succeed, move quickly to get the most out it. Scale up as needed so you can take that success to the next level.
If you are going to be a major player in the business world, you must create a digital edge. These steps will position your company to dominate in the digital arena. Then, you will be able to reach customers and operate in a more efficient manner. That means you can increase your revenue, as well.