Digital strategies can only work when they are bold and inventive, not when incremental. This is because of the huge gulf between the leaders and the digital futures. A recent book released Strategy Beyond the Hockey Stick explores this idea and ways to bridge the gap. There are four major fights to be won for this cause, beginning with ignorance, of which there are plenty at the executive level. For this the technology IQ needs to be raised and competitive blind spots overcome. Another area to fight is fear which needs to begin with an honest dialogue. The support networks need to be honed for further growth through skill development. These support networks further boost the digital IQ of the team. Another is to fight guesswork. Instead proper business intelligence needs to be captured using proof points all across the journey. Constant experimentation needs to be done to validate, using pilot tests. A final fight will be against diffusion. Of course, digitization does lead to the dissemination of knowledge, but the critical facts must not be disseminated too easily. Instead, a portfolio of initiatives needs to be built to reduce intelligence leakage. Big moves must be made with rapid execution, so competitors do not get the time to respond.

Source:https://www.mckinsey.com/business-functions/digital-mckinsey/our-insights/digital-strategy-the-four-fights-you-have-to-win

Uploaded Date:28 December 2018