In an increasingly digitally disruptive world, businesses need to adapt and respond fast. But how do you stay abreast of your increasing exposure to risk? Here's five ways to start.
Digital technology is perhaps the most exciting thing in the business world at the moment.
It’s disrupting what’s gone before, speeding business up, serving customers better and improving work-life balance. With good digital strategies, businesses can become more profitable, and the world a more exciting place. In short, doing it well benefits everyone.
A digital strategy is a simple enough document; it simply spells out the key digital focus areas over the coming years. But its simplicity can ambush us with nasty surprises.
The simplest things in life are not always the easiest, but they can seem that way at first. That’s definitely true when we’re venturing into the digital world. Digital technology can be expensive, unfamiliar and risky. If the approach is out of line with the direction that the business is taking, it can be a useless drain on resources.
However, the good news is that if you focus effort in the right areas, a good quality digital strategy can be the thing that differentiates you in the market. It can also enable you to respond quicker to changes than your competition and ultimately grow the bottom line.
Here's five steps to ensure that your digital strategy manages your risks well:
- Build a business culture that's aligned to your digital approach. When your customers log onto your website and see your service lines - is what they view reflective of your organisational structure?
- Look at where your business is now – what needs and challenges are you facing and can you meet them in new ways?
- Assess what disruptive innovation you are able to capitalise on and your appetite to take those risks and get ahead
- Build an action plan that includes goals and milestones that you can communicate out to your business so that you're all moving at the right pace
- Finally, make sure that you report back on what your digital strategy is delivering and reviewing it on an ongoing basis
In this video, Grant Thornton UK's Sam Isaacson outlines five ways to manage risk in the digital age. In it he outlines the above five steps.