Business Strategy

shops. Chocolates such as Mars, Bar One etc. They are in a market whereby there’s very low uncertainty and very low malleability. You can’t really shape how the market goes over time. However, what they’ve managed to do is to concentrate on using digital technologies to ensure that they grow big. They have done this by introducing multiple channels that they can be able to use to sell more and more of their products. They have also used digital technologies as well, including artificial intelligence to optimize their supply chains to ensure that they can be able to be as big as possible, and further benefit from economies of scale. Therefore, as an organisation, your aim has to be to understand the kind of realm you’re in, in order for you to understand how best you can be able to use digital to get to your goal. You look at markets that are in visionary mode. These types of industries and markets need to be able to understand and obtain complements that will ensure that they are able to create completely new products since everyone within the market is trying to look at creating new products. We can also look at industries in the shaping stage, where you look at how to use technology to collaborate with other players in the industry to curb the uncertainty and shape the market in a way that best benefits you and your industry. Thus, understanding these different fundamentals and how digital transformation and digital technologies can help you, will allow you to do 2 things, these are:

1) Increasing the operational efficiency within the organization, and

2) Improving the customer experience within the organization

An understanding of where you fall within the strategy palette enables you to create the data strategy that will take your business to the next level. Thank you and join me in the next column.