We are living in a rapidly changing time: the digital age. Technology transforms societies all around the world. In business, many organizations get uprooted by the digital wave, while some manage to successfully ride it. The first winners of this new age are starting to surface, with companies such as Airbnb and Uber revolutionizing industries and changing the rules of the market, forcing others to comply.
Many business leaders focus on the impact of technology on their products and production processes. Can technology make our product better, or cheaper to produce? Should we offer our service in an app? However technology does not only change the product offering, but an organization’s business model as a whole. Daily digital experiences drive the evolution of demand, consumer behavior changes, boundaries between businesses and individuals fade away.
Strategy Works does not only focus on product innovation, but helps you understand the underlying need of your customers, develop an industry foresight and generate ideas for your future business model. At the end of the day, it is all about maintaining a fit with your environment.
A digital strategy is different from a traditional strategy in the sense that it becomes much harder to determine clear targets or results. We recommend formulating process objectives instead of result objectives since exploration requires the ability to be agile and learn as you go. Organizations need to balance the exploitation of their current business, including optimization of that current business, while simultaneously explore or experiment with different business models.