Digital strategy vs Digitize your strategy
There are many uses of the word digital in business today, ‘Digitize your strategy’ being one of them we recently constructed to describe our matrix product, this may need some explaining.
A digital strategy is a transformation plan to adopt and develop a host of technologies and digital products, to enable a company to reach it’s full potential. Not to be confused with automation for cost and production improvements, digitization is the technological next step, a focus on scale and experience to reach an exponential capability.
Peter Diamandis refers to the The Six Ds of Exponentials: digitization, deception, disruption, demonetization, dematerialization, and democratization. A chain reaction of technological progression, a road map of rapid development that always leads to enormous upheaval and opportunity. https://singularityhub.com/2016/11/22/the-6-ds-of-tech-disruption-a-guide-to-the-digital-economy/#sm.000mkqnienv4e3m102522age38zx4
There are so many examples of this now where entire industries have been ‘digitized’; mail, music, books, photography, transport, accommodation… the list goes on. Where dominant companies have focussed on leveraging technology to deliver a scalable seamless experience, in order to completely disrupt and democratize an otherwise limited capability and achieve an exponential performance.
Digital tools like mobile, app, API, and cloud have been instrumental in this transformation capability. The growth of digital tools is also growing exponentially as more and more inefficient processes are being ‘digitized’ or offered as a service to a global consumer base. Being a COO for 20 years, I’ve experienced this inefficient world first hand, and seen many welcomed digital innovations. Strategy and performance management is a particular pain point, companies and teams across the world manage strategy on a piece of paper or bespoke thirty page documents, highlighting an opportunity for digital tools.
Four years ago I came across the matrix structure, a clever use of simple grid formations to build plans into a matrix structure. Scientrix has developed this thinking into a digital tool. A tool which aligns vision to performance management in a very simple and practical way, a matrix connecting purpose, objectives and performance across all stakeholders. This brought consistency, alignment and accountability to my world. Allowing me to visualize, administer and manage strategy in a digital tool, effectively ‘digitizing my strategy’.
In summary, all companies have strategies, whether it’s delivering a better client experience, driving sustainable value creation or a digital strategy. While at the same time all companies have the opportunity to use digital tools to build a more efficient and scalable business, and perform at an exponential level.