Digital Transformation Step 3: Strategy Development (Extended ACT Canvas)
Based on the traditional strategy development process and in the context of digital transformation, the ACT method thus offers a practical structure to understand the market, new technologies and your own organization (analyse), designing strategic capabilities and innovations (create) and implementing, continuously evaluating and optimizing them (transform).
- Analyse: market analysis with topics such as customer expectations, competitors, environmental factors, technology trends and your own digital maturity.
- Create: developing and shaping the vision as well as strategic core competencies, business models, working environments and digital channels.
- Transform: implementation of the strategy roadmap with a new market positioning, new ideas/products and ongoing evaluation, selection and optimization of options to improve and increase strategic flexibility.
In doing so, it is advisable to continue using the seven action fields of digital transformation in the context of business strategies. In practice, however, the question often arises as to the ideal sequence in which the topics should be dealt with in discussions and workshops and how this sequence of topics could be understood as a modern, holistic strategy process.
Across 24 strategic topics and based on changing customer needs, the opportunities and risks of new technologies and the strategic use of data, strategies and business models can be developed that ensure or increase the competitiveness of organizations in the digital age. A contemporary management and culture plan can be developed, which redefines and automates processes when possible and, by using digital marketing, creates platforms and channels to enter into a dialogue with the market.
The ACT extended workshop canvas can be accessed on https://the-digital-transformation-canvas.com/act-canvas/. It provides the topics for the three workshops of Analyse, Create and Transform; and with that will ensure that all strategic relevant topics for the digital age are covered in the strategy development process.
In the next blog post, we will discuss step 4 of the transformation method, the creation of the digital roadmap / digital strategy.
Strategy questions for the digital age:
1: How do you ensure that all strategic relevant topics are covered in your digital strategy?
2: Who will support your organisation in developing a digital roadmap?
3: Did you stress-test your current strategy for its validity/impact in the digital age?
Further information:
- The new CAS program “Digital Acceleration & AI”: https://www.rochester-bern.ch/programs/cas-digital-acceleration-and-ai/
- Episode 14 (Digital Transformation Step 3: Strategy Development – Extended ACT Canvas) on YouTube: https://youtu.be/BpPFktowJf8
- Marc K Peter’s new book on digital transformation: https://the-digital-transformation-canvas.com/