What’s Lacking in Current Digital Strategies?

It is during the unprecedented times of COVID – 19 that one realizes the necessity of digital transformation. Thankfully, the shift began a few years ago, and most of the businesses find it easier to enhance their digital experiences. As the market realities keep changing, digital investment should be on the rise. As competition increases and businesses race faster, the onus is on every business to collectively contribute to the digital transformation and elevate it with time.

COVID – 19 has proven wrong those who deemed it unnecessary or impractical. A good digital strategy has its foundation on insight and vision. They operate on a long-term basis and the objectives have to be laid clear to see the intended impact across all digital platforms used by customers. Digital strategies could include advertisements, content, connecting the customers to the brand via different channels, or any innovative way to bring in more customers and retain the existing ones.

3 things Digital Transformation needs

Short-term goals are tactics, which when executed well, contribute to the long-term strategies. Although businesses currently are adapting to changes, there are some aspects that go missing in most of them. This could partly be because of increased focus on the individual businesses and ignoring the ecosystems. Industries will soon become interdependent blurring the lines in traditional systems. According to a research, the emerging ecosystems could amount to more than $60 trillion in revenue by 2025.

The following are some of the qualities and aspects that all businesses should mandatorily include in their digital strategies.

1. Empathy

With the entire world cripples with COVID, a little empathy goes a long way. One should remember that it is the digital world that is assisting in addressing customer needs even during a pandemic. This does not guarantee a great customer experience all the time.

Empathy starts inside the company. According to a research, only 32% invest in getting a better visibility of their own processes. Thus, lack of transparency inside the firm could affect the outcome, in turn reflecting on customer experience. A better insight to the process brings out the gaps in fulfilling the customers’ needs.

Every data collected defines the meaning and purpose behind the products and services. Empathy towards customers leads to learning based on personalized experiences, giving a competitive edge over others. This happens because every experience is counted as a case study and not a part of any general observation.

Both the above-mentioned levels of empathy can be achieved only through thorough communication and meticulous analysis of the data collected.

2. Alignment

Alignment on vision for the firm, and the products and services offered defines the path the firm has to take now. This would lead to the future and at any given point, the firm should have something unique to offer; be it leveraging of technology, innovation, stand out aspect among the competitors, etc.

Leadership and decision-making

Questions leading to these targets should be raised from the first step, and process should be set to reach there. This is made possible only with a good leadership, who can establish goals and sizing up the current capabilities. According to a survey, 70% of the firms changed the members of the top management during digital transformation. They picked people who could make more well-informed decisions and make the transformation smooth with the right strategies in place. The remaining 30% may either not face issues in the leadership or may not recognize the need for change. Although it seems like a small number, this gap in giving a good customer experience in the market shows lack of alignment and the thin line dividing a normal customer experience and a great one.

Most of the firms also fail to revisit the vision from time to time. As the market demands keep changing, the technology, methodology, interpreting the data, should be kept in check. Evaluating the initiatives during the process adds to the insights and slight changes in approach can be made, if necessary.

3. Agility

Agility is all about improving as and when the requirements change. The right tools and the team should be in place to test the possible solutions and scale them for execution as soon as possible. Most of these moves are based on customer experience, thus involving the customer indirectly in decision making. The rewards are fruitful as they carry proof from the market itself.

Agile methodology also activates the practice of acknowledging individual contributions as cross-functional teams take over the process. The leadership community can focus on betterment of products and other services instead of spending time on scaling the same ones.

Such teams help in matching the requirements with the skill set. Individuals are empowered to make decisions and experiment in their ways, thereby giving the best outcome possible.

Beyond the theories

Apart from the fundamentals like objectives, channeling the strategies, outcome among others, these three are fundamentals a lot of companies still need. Carrying the organization forward is every individual’s role. The leadership has to stand as the epitome of this, and drive the employees in the same direction. A combination of humanitarian concerns and business strategies can take the business beyond what any other firm offers.

In today’s time when everyone is vulnerable, that extra step makes the business more valuable and worth remembering. Plans are not set on stone. As a result of these strategies, even the customers become a part of this, and this indirect communication helps in strengthening the bridge with the customers. The brand equity increases with the right digital strategies in place. To know what strategies your firm should follow, get expert guidance from Rootquotient.