Digital strategy starts with a rich understanding
Good digital strategy starts with a rich understanding of the competitive environment and how it’s likely to change. Because new technologies can radically reshape business economics, it’s essential to think through the implications for your own organization and your broader ecosystem of customers, suppliers, and partners.
The best digital strategies aspire to move the needle on value creation. This is especially true because in so many digital domains, network effects create winner-takes-all situations, in which first movers and smart fast followers have the edge.
Why have efforts to gain value from digital not succeeded?. These lessons are now so widely repeated that they have almost become clichés:
- Focus on the business case, not the technology.
- Listen to and delight the users.
- People, process, and behavioral change are just as important as technology.
- Avoid pilot purgatory.
- Do not let the perfect be the enemy of the good; instead, fail fast and learn fast.
- Agility is good, burdensome hierarchy is bad.
- Transformation takes effort, whether digital or not.
we must begin with a concrete, long-term digital and analytics vision clearly linked to the corporate strategy. One consumer-goods company, for instance, had the following vision for its transformation: to “create a best-in-class sales force using digital and analytics to enable the right actions, in the right outlets, at the right time, executed flawlessly every day.”
Though issuers remain wedded to traditional channels, using them even more heavily in later delinquency, their customers expressed a general preference for digital contact, primarily by email, followed by text message, irrespective of the prevailing stage of delinquency. The digital preference is most pronounced among customers with a low delinquent balance.
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