Options for Formulating a Digital Transformation Strategy

CIOs and other senior executives face the challenge of how to handle the opportunities and risks of digital transformation. We believe that firms need a standalone digital transformation strategy that signposts the way toward digital transformation and guides managers through the transformation process resulting from the integration and use of digital technologies. A digital transformation strategy impacts a company more comprehensively than an IT strategy and addresses potential effects on interactions across company borders with clients, competitors and suppliers. The full report describes how three German media companies successfully approached digital transformation. Each of them chose a different approach to digital transformation, depending on their individual business models and strategic visions for digital technologies. Together, these three cases provide a rich picture of the different options for formulating a digital transformation strategy. Based on insights from these cases, we provide a list of 11 strategic questions and possible answers (options) managers can use as guidelines when formulating a digital transformation strategy.