By Chris Outram
These ten principles for success will steer the most digitally ambitious organisations (pure-play or hybrid) safely along on the road to digital success.
In the world of digital business, the line between strategy and tactics is blurring. Traditionally, large companies would adopt strategic frameworks with three to five-year timescales, while many digital start-ups had little interest in comprehensive and rigorous strategic processes. They simply set themselves a vision and worked out how to get there empirically.
In today’s digital economy, even large established companies are finding that, as digital becomes an important part of their future, their planning process is increasingly being measured in months rather than years or quarters. On the other hand, investors are becoming more savvy and are less swayed by the excitement of ‘digital’ and expect harder planning from start-ups.
As a result, while the empirical process of learning by doing is becoming part of traditional companies’ strategy processes, digital pure-plays are no longer just making it up as they go along. In short – on the battlefield of online, strategy is blending with tactics, while at the same time distinctions between digital pure-plays and hybrid companies are blurring as new business models emerge.
In speaking with over 80 entrepreneurs, CEOs and chairmen of both hybrid and pure-play companies, we have unearthed ten principles which will steer the most digitally ambitious organisations (pure-play or hybrid) safely along on the road to success.