What does redefining strategy look like in the digital age?
According to Justin Small, co-founder of the Future Strategy Club, strategy has stalled and “lost its ability to inspire change.” Econsultancy Deputy Editor Ben Davis explores the issue of redefining strategy in his article, “What the heck is strategy in the digital age?”
The commercial internet has been impacting the business landscape since the mid-2000s. The internet has connected customers to providers, allowed consumers to do more research, and raised consumer expectations. Because consumers today are looking for more control and transparency, products are becoming services. This means businesses are facing new challenges such as meeting customer expectations, understanding market disruption, and building a vision.
So what does strategy look like today? It may be merging with execution. If so, strategy should become more agile and less static and take the continually changing landscape into account.