Digital strategy (DS) involves concepts from social media, technology, web channels, cloud, data analysis and online business. Internet-based migrations are dominating all the areas of businesses, and companies require digital transformation in a number of fields. Digitalization cannot be completed in a step as it requires upgrading and modification with the new technological advancement and many organizations, have not adopted it yet, even as, some are pursuing it at a fast pace.
The process of integration of such strategies runs parallel to the real business functions and businesses fear the process may interfere with normal business functions. Some companies do not want to allocate resources and time to implement new strategies as they find it overbearing, not having a direct correlation with profits.
Technology keeps improving and in the last five years, cloud became integral part of the digital strategy. It is essential for automating, adding processes and acquiring new capabilities.
Data collection and building reports on it, was not an important part of the business operations before, but, of late, it has been widely adopted by companies because it provides the real information based on user inputs and outputs. Also, it can provide information and statistics to perform better and be more responsive to customer’s need.
New trends in social marketing
Latest strategies involves buying channels, digital touch point mapping, building agile web solutions compliant with different platforms & operating systems, integration with mobile and social platforms. Mobile is the latest trend and companies need integrating mobile features in all its operations to promote customer engagement and get new opportunities. The recent trends also involve creating apps to support and engage customers, and getting app-based metrics and reports.
Redefining value chains
Companies need to engage strategies, which can reconstruct the value chains and allow suppliers to directly come in contact with the business networks. They need a platform to access the configuration of the distributed value chain system anytime, anywhere.
Although, the reach of such technologies, companies and buyers is in growing phase, customers are expected to increase, significantly, in the coming years where many new firms will join the accessible online buying / selling platforms.
Buyers can get any type of products from anywhere as the distribution system is spread across geographical regions and the new technologies allow companies to use digital tools to reduce cost of production and produce comparatively superior products.
Some firms offer products enabled with technologically advanced devices e.g. Bluetooth –enabled toothbrush by P&G. Companies are offering products with personalized experience.
DS helps identifying and allocating resources to products, which are in demand and cutting costs on production of items, temporarily or permanently, not in demand.
Digitalization helps in uncomplicated transformation where one can gain in this market with a small introductory product by taking tough right decisions. Further, there are many online tools available for the implementation of a strategy. DS allow companies to make bold corporate strategies where they need to make use of digital transformation to be able to modify marketing and business strategies, depending on market conditions.
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