The impact of digital innovation has gone well beyond its Silicon Valley from where it originated to invade every sphere of business activity. These innovations are allowing agile start-ups to challenge old-world businesses and to gain market share. Traditional companies without a digital business strategy are particularly vulnerable to strategic initiatives from fleet-footed firms able to leverage the right digital technologies to gain access to customers.
A survey from a top-ranked business school shows that a high percentage of top companies in all traditional business sectors face being displaced by digital innovators.
Digital business strategy isn’t longer a non-mandatory issue for big corporations battling a robust competition in an exceedingly fast-changing market atmosphere. Having a good digital business strategy is crucial for organizations to flourish. Once digital technologies have reworked the marketplace it gives rise to new business models and profit activities. It is a combination of artificial intelligence and business intelligence, along with prognosis of actual marketing expert, to utilise parameters of market research, and to utilise these details to plan the business economy further.