Digitization is fundamentally altering the nature of competition, digital is driving major changes in how companies set and execute strategy. Digital strategy is the application of digital technologies to business models to form new differentiating business capabilities. In the future, all business strategy will be a digital strategy.
Digital transformation is the integration of digital technology into all areas of a business, fundamentally changing how you operate and deliver value to customers. It's also a cultural change that requires organizations to continually challenge the status quo, experiment, and get comfortable with failure.
Digital innovation is changing the business landscape at breakneck speed. That is why the focus has to be on changing the perspective and looking beyond the downturn. Digital co-creation with employees, customers, suppliers, partners, online community, and potential customers is a great way to explore and discover new profitable niches and increase productivity.
Moder digital companies are known for their agile decision making, rapid prototyping and simple structures. The process of digital transformation is inherently uncertain: changes need to be made provisionally and then adjusted; decisions need to be made quickly, and groups from all over the organization need to get involved.