Insight

Is Digital Innovation Strategy Crucial for Business?

Is Digital Innovation Strategy Crucial for Business?

Digital transformation has always been identical with technology. Enterprises that refuse to incorporate technology into their business process are at risk of being outclassed by their more tech-savvy competitors. However, undergoing a digital transformation is more than just simply adopting new technology, investing in fancy gadgets, or upgrading current systems.

"The enterprise that does not innovate ages and declines, and in a period of rapid change such as the present, the decline will be fast." - Peter Drucker, American-Austrian Consultant.

Again, technology does not provide value to business, except for technology in products. If enterprises want to remain competitive in this digital transformation era, they need to drive innovation within the business in order to keep up with the rapid yet dynamic changes in today's digital era.

Digital Innovation Strategy

Enterprises that fail in digital transformation only focus on technology without being accompanied by new digital mindset, culture, and business model changes.

The balance of the technology implementation, business models, people, and business process should be considered so that enterprises are able to achieve digital maturity which will lead to a successful digital transformation. This is where digital innovation strategy plays a crucial role for enterprises.

Digital innovation strategy is more about the strategy than the technology. Enterprises can create new technology, but without understanding the purpose of it, and how it contributes to the enterprise's growth and goals, it has no real value to the enterprise. In addition, it is important to remember that technology is just a tool that help enterprises accomplish their goals, but digital innovation strategy is the one which decides whether enterprises will be able to accomplish the goals or not.

The presence of digital innovation strategy enables enterprises generating their business and value growth.

As customers' habits and demands have changed drastically, business should also customize their operations and processes in order to deliver greater value to customers. Enterprises that do not understand the processes and operations that are needed in this digital era cannot identify their business priorities. Therefore, the presence of digital innovation strategy in the business is extremely crucial to allow business survive in this era. Otherwise, the competition will go above and beyond you.

"A successful digital transformation initiative starts with an organization's leadership instilling a culture that supports the idea of the entire business operating under one digital strategy." - Sajid Mohamedy, EVP, Nisum.

The statement above is a strong proof that enterprises without digital innovation strategy will fail in executing digital transformation. It is because relying on technology without embedding it in the business models and process will not generate greater value and drive growth within the business.

Find out more about how enterprises can utilize Digital Innovation Strategy as a strategic framework in undergoing digital transformation at Indonesia International Digital Innovation Summit 2021 on December 16th, 2021!

Secure your seat now! Free registration at https://i2dis.multimatics.co.id/#register


Sources:
Briggs, J. (2020, November 9). Digital Transformation Strategy. Ionology. https://www.ionology.com/what-is-a-digital-transformation-strategy/
Qentelli. (2021, August 25). Digital Transformation Strategy - 7 Key Components. https://www.qentelli.com/thought-leadership/insights/digital-transformation-strategy-7-key-components
Williams, M. (2018, August 15). Creating a Digital Transformation Strategy to Grow Your Business. Ingenuity Tech. https://www.ingenuitytech.co/post/creating-a-digital-transformation-strategy-to-grow-your-business

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