Businesses should reset their digital strategies, according to a newly released Forrester report.
More than 90 percent of global business executives surveyed said that digital will disrupt their business in the coming year and about three quarters of the respondents are taking action with a digital strategy.
A third of the respondents said that their approach to digital is correct, while 21% said they have the right people to design the strategy.
"The Future Of Business Is Digital," shows that 74% of the US adult online population will own smartphones, and mobile devices will influence 50% of US retail sales by 2017.
Forrester advises businesses to look at digital holistically and transform business by applying digital thinking across everything they do.
Create an ecosystems of value
Dynamic ecosystems can help businesses to thrive on digital change and businesses should increase the value they provide to their customers in new ways.
Strategies should be made to drive enhanced customer value through smart sourcing and businesses experiences mapped within each customer's ecosystem of value.
Digitalising products and services can enhance the ecosystem of value and creation of trusted machines can automate value creation.
Noting digital business to be a journey and not a destination, Forrester says that organisations have to be honest about their starting position as it takes time to transform the digital landscape.
Success in digital business transformation can be achieved by establishing clear digital leadership, a digital-first culture, creating a dynamic, customer-centric organisational model and protecting customer's trust.
Businesses that fail to focus on their digital strategy will be left behind by the Digital Masters who learn to integrate digital customer experience and digital operational excellence.