What is A Digital Innovation Strategy?
When you need to go to a party and don’t have a car. Don’t you worry because these days you can just make a call to Uber or OLA to take you from home.
Of course, this was not always the case that you don’t have car. We all know that when Uber and OLA and other ride sharing competitor came into the market, they disrupted the entire industry. They made it more convenient to find best transportation and causing many people to stop hire a taxis.
Besides the transportation industry, the app market and businesses those have apps has already started affecting other business including online shopping store, grocery shopping, legal services, medicine, laundry services and many more.
If you are not involving digital innovation strategy in your business plan be ready to face huge competition in booming digital world.
Every day a new start up is coming with an innovative idea. If older companies aren’t careful, they could be surpassed by these startups and other technological disruptions.
How can older business keep up with all these technological advancements and startups? They need to create and execute a strong digital innovation strategy.
These days’ businesses are facing new challenge all the time from technological disruptions. Don’t let your digital marketing fall behind. Remember to develop an innovation strategy that fits your company’s culture and business model. By developing a digital innovation strategy in place, your company will have a better chance at competing against current competitors and startups.
What is A Digital Innovation Strategy?
A Digital Innovation Strategy is a strategy that use to transform to a digital business. There are so many new technology in the market with so many technological changes, businesses have to create a digital innovation strategy to stay competitive in market. They need the right tools and framework to support themselves when managing digital innovation processes.
Why Every CIO Needs a Digital Innovation Strategy?
Here are few reasons why every CIO Chief Information officer (CIO) needs to sit down today to craft their digital innovation strategy:
- Avoid tactical efforts:
If you are looking into a mobile app development and thinking about replacing your website into application and legacy system? Congrats you are pursuing digital innovation. A strong and creative digital innovation strategy avoid tactical efforts.
- Drive operations efficiency:
It drive operation efficiency to the organization and help in digitizing and mobilizing key operations data for better decision-making. Your competitors are already figuring out how to eliminate paper and complete a digital transformation of their business model.
- Find new markets:
Digital innovation strategy helps CIO to find new market and business model because digital products also bring new markets and business models. Transform your products through digital innovation and find new market and customers. Today’s customers want digital products– and your future customers will need them.
- Customers looking digital products:
With the increasing number of mobile application mobile users want a personalized digital experience from your app– can you deliver? The innovations that were once revolutionary are now a part of everyday life:
You know what Amazon Now delivers products via drone and within an hour, many TV channels are pursuing digital streaming subscription models, and contextually aware mobile apps are driving new experiences in department stores.
- Businesses need it to survive:
Your business definitely need it to survive in this technological change market. According to Gartner predicts 25% of companies lose competitive ranking due to a lack of digital business competence in just upcoming two years. Will yours be one of them?
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