> For the complete documentation index, see [llms.txt](https://innowayit-1.gitbook.io/framework/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://innowayit-1.gitbook.io/framework/use-cases/digital-business-strategy.md).

# Digital Business Strategy

Digital Business Strategy is a

> plan of action to gain economic advantages from the use of digital technologies and supporting capabilities

Economic advantages of digital technologies may include 

* Operational excellence to improve processes and reduce the cost of doing business
* Business growth to improve the top line 
* Customer satisfaction through better customer experience 
* Faster time to market to deliver products and services
* Better Return on Equity through growth and efficiency 

### FORMULATION

#### PLAN

| Sponsor                                 | Scope                       | Stakeholders                                       |
| --------------------------------------- | --------------------------- | -------------------------------------------------- |
| CEO/Head of Digital                     | Enterprise-wide             | <p>Heads of LOBs<br>Heads of Support Functions</p> |
| Head of LOB/Head of Digital for the LOB | Particular LOB              | LOB managers                                       |
| Head of Support Functions               | Particular Support Function | Support Function managers                          |

#### Sponsors' Concerns

1. How to leverage technology to gain an economic advantage?
2. Competitive advantage through the use of technology
3. Engine 1 (traditional business model) vs. Engine 2 (digital business model)&#x20;
4. Organisational posture
5. Digital transformation governance

### FORMULATION

<details>

<summary>PLAN</summary>

Meet head of digital line of business or sponsor of this initiative. Capture their vision, scope and concerns. Develop a list of stakeholders who should be engaged in this initiative.

</details>

<details>

<summary>ENGAGE</summary>

Meet the stakeholders and capture their concerns, ideas and recommendations related to how digital technologies can help achieve organisational objectives.&#x20;

</details>

<details>

<summary>DIAGNOSE</summary>

Deep dive into stakeholder concerns to prioritise in order to filter the concerns with the highest impact on the organisation.&#x20;

</details>

<details>

<summary>DECIDE</summary>

Evaluate options to address the problems and create a pros and cons list to lead to an eventual decision.&#x20;

</details>

<details>

<summary>GUIDE</summary>

Document guiding policy based on decision.&#x20;

</details>

<details>

<summary>DEFINE OKR</summary>

</details>

### EXECUTION

<details>

<summary>ACT</summary>

</details>

<details>

<summary>REPORT</summary>

</details>

<details>

<summary>RETROSPECT</summary>

</details>


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