Digitalization is an unstoppable force that has been accelerated by the global health crisis. Entrepreneurs need to be prepared to start and lead digital businesses if they hope to be successful in the future.
Across industry, the digital presence of a company and its capacity to embrace new technology and identify digital trends will enable it to thrive.
To create or lead a successful digital enterprise, business leaders need to take the following aspects into account.
Digital Business Models
Existing businesses are transitioning at pace to more digital business models. According to a new PwC survey, 61% of CEOs said their business model would become more digital after the pandemic, while 38% said it would become more virtual through the addition of digital products and services.
Whether you need to transition to a digital model or are starting a new digital enterprise, there are several elements which need to be considered. These include:
In light of the ongoing impact of coronavirus and the potential for further pandemics, when establishing or taking the helm of a business it’s also wise to consider how you can integrate a level of agility that will give you resilience against the unknown challenges of the future.
As different digital solutions are suited to different types of business, it is worth conducting some research and exploring case studies to determine which path will best fit your company.
Digital Business Design
Once you’ve determined your model, you need to design the technological architecture that will support business effectiveness.
To do this, leaders need to take into consideration company size and their growth strategy, the platforms by which customers engage with the business, the number of employees and their location – are they working remotely, in an office or collaborating across geographical boundaries?
Each case will require a different design, and different systems, tools and platforms, to maximize efficiency and profitability. Answering these questions will support the creation of a business that can operate like a well-oiled machine, leaving you as a leader to focus on development and growth.
Digital Marketing Campaigns
No business, digital or otherwise, can survive without a digital marketing strategy. And while the fundamental principles remain the same, the methods and means by which you can find success with digital marketing are constantly evolving.
Digital business leaders need to have a thorough understanding of the following elements:
In the dynamic world of digital marketing, case studies provide an excellent learning opportunity. By studying the companies operating at the forefront of business with inventive and successful campaigns, you can better understand how to be creative within the boundaries determined by algorithms and patterns of consumer behavior.
Study for Success at EU Business School
Digital business is an exciting space because it’s continually evolving. But this also means textbook studying won’t give you the dynamic understanding you need to find success.
At EU Business School, we deliver pragmatic, experiential education which uses case studies, business simulations and events with renowned business leaders to provide students with the latest insights, and a learning experience that reflects the fast-paced world of business. To accelerate your career, explore our BA in Digital Business, Design & Innovation, our Master in Digital Business and our MBA in Digital Business.Learn more about EU Business School, Barcelona
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