Do you have a digital strategy? Famous and infamous words heard around organizations everywhere today? But is it truly a fundamental question? David and Justin discuss the question behind that question and why digital is so important in an interconnected world. Here are the notes from the show:
- “Do you have a digital strategy?” is a frequently asked question; but what do we mean by “digital”? If you ask 10 professionals that question, you’ll get at least 11 different answers.
- “Digital” is often used in a way that only deals with a subset of business areas – it doesn’t relate to the entire organization or business and is therefore suboptimized in outcomes.
- Digital isn’t a magic potion; you need to talk about your overall strategy and allow digital to help you attain business initiatives
- “Every organization needs to be a digital organization.” – Jeffrey Immelt
- Digital capabilities mimic several bodily systems. DIgital wallet, payment and banking tools act as the circulatory system. Connected devices and integrated software act as the sensory system. Machine learning algorithms and predictive models act as the cognitive center of the nervous system. Digital is a pervasive connected tissue.
- Digital nervous system is a fundamental piece of our body metaphor. Digital – specifically the internet – is an enabling system. Allows for rapid sensing as well as communication. Ultimately, it’s interconnection largely enabled by digital technology that is revolutionizing how we do business.
- Our recipe for utilizing digital to support your overall business strategy: 1) start with human need, 2) realize that digital is a team sport, 3) fail fast, fail cheap, and learn.