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HBR IdeaCast

Understanding Digital Strategy

HBR IdeaCast

Harvard Business Review

Leadership, Entrepreneurship, Communication, Marketing, Business, Business/management, Management, Business/marketing, Business/entrepreneurship, Innovation, Hbr, Strategy, Economics, Finance, Teams, Harvard

4.41.9K Ratings

🗓️ 28 August 2018

⏱️ 27 minutes

🧾️ Download transcript

Summary

Sunil Gupta, a professor at Harvard Business School, argues that many companies are still doing digital strategy wrong. Their leaders think of "going digital" as either a way to cut costs or to attract customers with a flashy new app. Gupta says successful digital strategy is more complicated than that. He recommends emulating the multi-faceted strategies of leading digital companies. Gupta's the author of “Driving Digital Strategy: A Guide to Reimagining Your Business."

Transcript

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0:00.0

Kurt Nick is here from Ideacast. I want to tell you about the Big Take

0:05.1

podcast from Bloomberg News. Each weekday they bring you one important story

0:10.0

from their global newsroom like how AI will upend your life and why China's

0:15.4

targeting the US dollar. Check out the big take from Bloomberg wherever you

0:20.2

listen. Welcome to the HBR IDEA cast from Harvard Business Review. I'm Sarah Green Carmichael. By now there were probably few

0:51.0

companies or CEOs out there who don't buy into the need to incorporate

0:55.0

digital plans and to the overall plan for the company.

0:58.9

But for too many leaders investing in digital just means the tactical, the piecemeal, the incremental.

1:04.9

That's not really enough to stay competitive in today's market, even for non-tech companies, argues

1:10.5

Sunil Guopdak.

1:12.2

So the challenge for a legacy company is they have to strengthen the core of what they have and build for the future at the same time.

1:19.0

So the analogy I use is like changing the engine of a plane while it's flying.

1:24.2

And many times the plane is going to go down first and that's a scary thought before it goes up.

1:29.0

To tackle that challenge, Gupta says leaders should integrate digital into the bigger picture strategy.

1:35.0

Look at the ways digital companies survive and thrive and then see how that can apply to your own business.

1:40.0

Sunil Gupta is a professor at Harvard Business School and the author of

1:44.4

driving digital strategy a guide to reimagining your business. Sunil thanks for

1:49.6

being here. Thank you for having. So when you say digital strategy, my impression of sort of looking, especially legacy businesses, is that they'll say we

2:06.2

need a digital strategy and that usually means like a strategy for this digital world.

2:12.2

They don't think about changing their own overall business

2:15.1

strategy. It's more like we need an app. Exactly. Either a website or an app that's

2:19.2

how most people started. But in all fairness I think people have moved beyond that.

...

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