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Digital Business Strategy: Navigating the Digital Frontier
In today’s hyper-connected world, digital business strategy is not just an option — it’s a survival necessity. Companies that harness the power of the internet and e-business capabilities can outmaneuver competitors, optimize operations, and create unique value for customers. On the other hand, as with all great power, it doesn’t come without great responsibilities and a fair share of risks.
What Is Digital Business Strategy?
A digital business strategy is the integration of digital technologies into a company’s overall strategic plan to enhance competitiveness, efficiency, and value creation. Unlike traditional strategies, which focus on offline operations, digital strategies leverage the internet, AI, cloud computing, big data, and automation to drive growth.
Key Components of Digital Business Strategy
1. Competitive Forces in the Digital Age
Michael Porter’s famous Five Forces framework gets a digital facelift:
- Threat of New Entrants: Lower barriers to entry enable startups to challenge incumbents with minimal capital.
- Bargaining Power of Buyers: Customers have more choices and information, increasing their…
