Making smart and strategic digital investments is crucial for long-term success. Failure to do so in 2023 can result in increased technical debt, loss of innovation, and the inability to attract talented individuals.
Digital tools have levelled up since the 2008 financial crisis. But the real art? Pinpointing those diamonds that will give you long-term success.
Remember, it’s not just about having these tools—it’s about how you use them.
Put yourself in the 2008 scenario. Digital capabilities were scarce, resources tight. Now, flash forward to the present day. A plethora of digital tools are at your disposal. But is more better?
Here’s an insider tip: rather than investing in every shiny new tool, focus on the differentiators, those that give you an edge and promise long-term success.
Think of it like being a sculptor. You have a block of stone—or your digital capabilities—in front of you. Your task isn’t to use every tool in the shed. It’s to select the right ones that will help carve out a masterpiece.
Remember, it’s not about having all the tools, it’s about having the right ones.
Make smart, shrewd investments. Choose tools that differentiate you. Drive your long-term success.
So, ponder this – Are you making the right digital investments?
Defining the scope of your digital ambition isn’t a luxury, it’s a survival skill. It’s the compass that guides how far we sail into the ocean of digital opportunities to manifest real business results.
Let’s take an example. Picture this: You’re the captain of an e-commerce empire. Without a map (read: scope), you won’t know whether to make a small detour (digital optimisation) or completely change course (digital transformation).
In a nutshell, your digital strategy is a game of Tetris – a seamless blend of optimisation and transformation. So, where will your ambition lead you?
Highly effective digital leaders excel at defining and articulating their digital ambitions. They outline the extent to which their enterprise plans to leverage digital technologies and approaches to achieve tangible business outcomes.
It is essential to distinguish between digital optimisation and digital transformation when formulating your digital strategy.
Digital optimisation focuses on maximising efficiency within existing industry norms and business models. It aims to deliver efficiency gains and quick returns, making it ideal for businesses seeking immediate improvements in productivity.
Digital transformation is driven by industry-wide changes and a desire to lead in a rapidly evolving market. It involves developing a strong digital foundation and leveraging emerging technologies to achieve a competitive edge. Digital transformation requires a long-term commitment and vision to adapt to market shifts, customer expectations, and disruptive innovations.
Start sculpting your digital strategy today and dabble in the art of balancing optimisation and transformation.
2023/24 brings its own economic challenges. Staying buoyant isn’t just a question of “if”, it’s about “how”.
Let’s talk digital initiatives. They’re not all about hefty price tags and mind-boggling tech. They’re the buoyancy aids your business needs to swim, not sink in stormy economic seas.
Reducing business costs? It’s more than possible. It’s proven.
Enhancing customer and employee experience? It’s not a luxury, it’s a lifeline.
Harnessing disruptive innovations? It’s not a ‘nice-to-have’, it’s a ‘need-to-survive’.
Outperforming competitors during a downturn? It’s not a dream, it’s a digital reality.
The coming year promises more challenges for businesses worldwide. Economists predict a meagre global growth of 0.5% in 2023. With factors like an ongoing war, supply chain issues and a widening skills gap, businesses are bracing for a hard landing.
But what if there’s a different approach? What about using technology as an anchor in this storm?
Implementing a robust digital strategy can help organizations to:
Contrary to popular belief, digital transformation investments can save costs. How? Make smart choices like financial planning and analytics tech for better budgeting and forecasting.
In a talent-strapped market, RPA, AI and chatbots can take over routine tasks. This boosts productivity and minimizes risk through accuracy and efficiency.
While pushing for tech advancements is vital, exploiting existing systems is equally important. It helps identify bottlenecks, improve performance and combat technical debt.
ERP and CRM might take a while to show ROI, but they are crucial. These systems aid in real-time data access, process analysis, forecast building and strategy formulation.
Outsourcing tech management to skilled consultants can streamline your operational efficiency. It helps clarify processes, defines tech investments and readies the business for market volatility.
As we gear up for a possible global recession in 2023, effective digital leaders are charting their course with digital tech. Resilient businesses driving strong growth will be the ones to conquer, no matter the turbulence.
The Global CFO Survey 2022 by Everest Group highlights this shift towards digital transformation. If you want to ride out the storm victoriously, strategic planning and careful investment in digital maturity will be the key.
Ready to recession-proof your business?
