Digital Strategies that Win

A recent global survey by McKinsey & Co looked into the digital business models of the top companies; those who had most successfully used technology to advance their business.

"Among their findings, they determined that there are four areas of marked difference in how companies with the best economic performance approach digital strategy, compared with all others:

1. The best performers have increased the agility of their digital-strategy practices, which enables first-mover opportunities.
2. They have taken advantage of digital platforms to access broader ecosystems and to innovate new digital products and business models.
3. They have used M&A to build new digital capabilities and digital businesses.
4. They have invested ahead of their peers in digital talent."

There is a variety of ways in which companies increase the agility of their digital practices. If one is to generalize, it means they pay more attention to digital opportunities from top management own. Executives gain greater knowledge of technology, and management structures their departments with the skilled people needed for change. They monitor and assess the availability of new digital platforms, recognize the  importance of digital talent, making sure they are positioned with sufficient talent to be able to take advantage of new opportunities and use M&A to build those capabilities. 

It comes down to awareness, agility and capacity for innovation. For more on this, check out this article.