The next industrial revolution is upon us, and it's digital. While companies would be wise to seize the digital moment, it's equally important that they take their time to reflect, research, and carefully plan a digital transformation strategy — and overall business strategy — that is sustainable. Discipline and focus on ROI, ROE, and other key financial outcomes will also be critical for success.
A best-in-class digital strategy will be a seamless blend of the old and the new, the traditional and the modern. Acquisition models will need to look at both digital and brick & mortar channels, products should be flexible across mediums, and the omnichannel experience should be front-and-center. Organizations will also function optimally if equipped with a combination of both experienced and young talent.
Leveraging data is also of paramount importance in predicting and preparing for an unclear future. Several businesses that are significantly investing in analytics capabilities have proven to perform better than those lagging behind, through sheer data-driven preparation. With this rise in the use of data, however, privacy will also become key to differentiation, with increasingly cautious customers and businesses favoring products that promise high levels of data security.
Ultimately, the ideal approach to digital strategy design is not only understanding digital on its own, but gaining a deep understanding of your industry as a whole. How will the industry embrace digital effectively in the next 3-5 years?
Cedar's extensive digital strategy consulting experience makes us a trusted partner for businesses across industries and geographies as they prepare to fully embrace the digital world – cautious, optimistic, and very well-equipped for continued success. Our repertoire includes digital strategy design for a leading insurance company in Oman, technology cost optimization for one of the UAE's largest banks, and a fit-for-purpose technology review for a top bank in Sudan.