With today’s growing interest in digital business, what sort of a team can achieve the modern business strategic objectives?
The business needs a team that can formulate a strategy that merges the IT and business strategies into one. This business strategy is formulated to achieve the organisations core business goals driven by carefully chosen strategic digital technology or assets, merging the physical channels with the virtual ones in order to maximize profits. A long term, 5 year strategy formulated by the heads of the financial, sales & operations, human resources, information technology strategic business units seriously considering the digital economy and fourth industrial revolution (FIR).
Modern day Strategy Team members and roles outlined:
- Chief Executive Officer – Board champion and digital culture champion who supports change and transform the Corporate Culture
- Chief Operating Officer- Business environment opportunity management and responsible for selection of strategic digital assets for competitive customer engagement and employee experiences
- Chief Financial Officer- Ensuring strategic decisions are grounded in sound financial criteria and digital spend drives value creation
- Chief Information Officer/ Chief Technology Officer- Guides the team on best technology investments that can carry the organisation’s strategic objectives . Must advise on strategic enterprise architecture and security needs.
- Company Secretary- Provides expert understanding of legal issues in digital economy
- Director of Human Resources- Provides detailed understanding of current and future workforce challenges in the digital economy
- Chief Digital Officer – Empowers the strategy team and organisations with the digital transformation plan to move from legacy business systems to digitally capable systems . Provide guidance on mapping strategic digital assets , social media, mobility, analytics and cloud computing to strategic priorities and vision.
With the increased pace of technology, the strategy must be revisited bi-annually. Transient advantages of McGrath 2013 may be achieved by effectively applying digital business design models and learning to launch new strategic initiatives again and again, thus creating a portfolio of advantages via the various business functions that can be built quickly and abandoned just as rapidly with agility.
I write and research for the Institute for Digital Business Strategy (IDBS) . Filling the needs gap of organisations for professionals with competitive skills in digital business strategy formulation.
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