One of the key focuses in creating a digital business in 2021 is agile innovation. The most fundamental and recognised notions of business strategy— sustainable competitive advantage— can no longer be a holy grail for companies. A strategy must now be combined with the right culture and deliberate cycles of innovation to succeed in today’s competitive environment.
Darcy O’Sullivan, Accounts and Co-Founding Director at Dugan & O’Sullivan, says “The challenge of innovation comes from the fact that innovation itself is constant and gaining pace. Businesses that wish to create a strategy that relies on innovation then must change their culture to ensure that the constant flow of innovation is implemented throughout the respective organisation”.
While we all understand that the marketing environment is constantly changing (remember PESTEL, the tool for identifying threats and weaknesses used in a SWOT analysis), the speed and magnitude of such change in the digital landscape, and the impact on lead times, now make it virtually impossible to respond in a way that allows for sustainable advantage. Deeply ingrained structures and systems designed to extract value, rather than being a competitive advantage, are becoming a liability.
Samuel Dugan, Creative and Co-Founding Director at Dugan & O’Sullivan, says “When we look at digital business strategy, and indeed business strategy in general, we all understand that the marketing environment is constantly changing. We must figure out a way in which to embed natural and constant innovation within a business and then go on to ensure that we have the tactical excellence to correctly execute the strategies fuelled by innovation”.
Digital business strategy manifests itself by the way of technology-enabled education and data collection married with cycles of focused innovation. Technology is the enabler, not the differentiator. Technology is not the agent of change, but the expression of the leadership thinking and strategy that goes before it. At Dugan & O’Sullivan we successfully execute ideas with tactical excellence and go on to create industry disruption, which leads again to further cycles of transformation through innovation.
Where strategy is market-led, it also falls to the business to align the culture, to ensure that the associated capabilities required of the people behind the change imperative are in place, that the business processes are agile and aligned to the strategy and digital environment, and that excellence should emerge in the deployment and implementation of that strategy. So where do we start in formulating a digital business strategy? At the very beginning. It is a comprehensive process that is formulated throughout the entire organisation.
Contact Dugan & O’Sullivan here to discover more.