4 Strategic business principles for the digital age

As you read this article on your computer or phone screen, you have to admit that digital transformation of our lives is for real. Technology is becoming more commonplace in everyday lives and digital literacy is an essential skill for any corporate career aspirant.

As companies turn to remote work settings, they require more qualified people and business principles that can help them harness the power of digital technology. Business strategies and plans need to account for digital tools to help companies enhance their communication models, innovate and solve key problems.

The need for digital literacy is well acknowledged in the business world. In fact, a recent LinkedIn learning report suggests that nearly 57% of all executives worldwide recognize the need for soft digital skills and digital literacy in their employees.

The question here is, how can you get businesses to prepare for the digital age? The answer is quite simple: a robust digital transformation strategy and well-thought out business principles.

Want to learn how to create a robust digital business strategy? The Diploma in Digital Business Management Co-op program offered at Toronto School of Management (TSoM) can be a great option!

The program has been customized to teach you about the modern business requirements in the digital era. It also enables you to understand the principles of digital advertising, gain a better perspective of cybersecurity concepts and also build skills crucial to marketing and management.

Read ahead to learn more about 4 strategic business ideas that can help you enhance your company’s online presence.

1.    Digital literacy is not a luxury, it is an essentiality

Today, workforce requirements in any industry rarely tend to be the same. As businesses continue to go digital, people working in the corporate world must upgrade themselves to keep up with the latest trends.

An NMC report outlined that digital literacy is one of the top priorities for employers in the modern world. This sentiment was mirrored by another LinkedIn survey where digital literacy was rated as the number one priority.

Digitally literate employees can help companies compete in the open market and innovate to challenge their own standards. They can also improve other soft skills like critical thinking, creativity and problem solving.

Here are the 5 most important hard skills included under the umbrella of digital literacy:

  • Cloud computing
  • Knowledge of digital media
  • Analytical reasoning and creative thinking
  • UX design 
  • Artificial intelligence
2.    Look for ways to take your business/brand online

Another major trend dominating the modern workspaces is a desire for workplace flexibility. The recent pandemic has also contributed to the popularity of remote or online businesses.

Digital transformation in companies is changing the definition of where and when employees are supposed to work. While there is understandable hesitation towards adopting an online operating model, the move has been quite profitable for some companies.

This is because, going digital can reduce your transaction and labor costs, increased return on investment and better engagement with external stakeholders. In terms of revenue, online businesses can reap a lot of benefits as well. A recent Mckinsey & Company report revealed that online retailers tend to generate 3 times the level of revenue per employee.

Hence, your business strategies should include plans for adopting an online model for your entire company or part of it.

3.    Don’t take cybersecurity lightly

Cybersecurity has to be part of your digital strategy plan as every company needs to evaluate its network safety or risk losing their entire business. According to Small Business Trends, almost 60% of small enterprises go completely out of business in less than a year of facing a cyberattack.

Bigger brands like Target, Home Depot and Yahoo have been the victim of cyberattacks which impacted their business and market standing. To avoid this, focus on strengthening your network and putting better online security measures. 

4.    Constantly update your goals

Setting goals is not a one-time process. You have to consistently and objectively re-evaluate the needs of a business. This could include turning leads into customers, developing brand loyalties and even expansion plans.

Continuous assessment of goals gives you access to better opportunities and tools to overcome existing hurdles. Curbing these roadblocks through the use of technology means more efficiency in work and also a boost in a business’s growth. For example, Ikea launched an augmented reality app to better sell its furniture to customers who get overwhelmed with variety and are indecisive about buying the right products.