The 6 Components of a Digital Strategy

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Every successful business will have a strategy; it starts with the question of why you are in the business you are in? What value do you create for your customers? What products or services do you offer, and within which sectors or markets? The strategy needs a clear set of objectives and time-bound plans to achieve them, using the resources you have.

However, the world is changing at a fast pace, new market conditions, technology and sustainability mean you cannot rely on your traditional value propositions for staying current in the future. So, your strategy needs to look at what opportunities and threats are down the road and how you can evolve your strategy to stay ahead.

A solid Digital Strategy can best inform your business on how to exploit new opportunities, adapt to changing markets and remain competitive.

The LCR4 START team has over a decade worth of experience in supporting businesses with their digital transformation. SMEs in the Liverpool City Region can receive fully-funded and bespoke business support to get them started on their journey.

 

Planning

Our LCR4 START team can undertake a digital business assessment and health check to define what your digital priorities should be through a diagnostic process, taking into consideration your business priorities, current resources, and opportunities.

A key part of the planning process is the development of a digital roadmap, signifying short and long-term strategies your business needs to put in place for effective digital adoption.

This plan will help you to:

  • Make better-informed business decisions
  • Prepare your workforce for future digital change
  • Create structured timelines including resource planning
  • State delivery goals and management responsibilities
  • Keeps deployment plans on track
  • Motivate staff
  • Supports stakeholder communication and engagement

CASE STUDY: Sandstone Dental Practice develop a Digital Strategy for the planning and funding for a ‘Digital Centre of Excellence’.

 

Technology

The manufacturing industry alone has demonstrated high technology adoption rates since the COVID-19 outbreak; however, many organisations are still reluctant to start a digital transformation journey, facing barriers including uncertainty and a lack of understanding and trust.

Forever growing pressures on manufacturing companies to not only survive but to remain competitive, whilst considering the digitalisation of current systems for supporting the Net Carbon Zero agenda, proves there has never been a better time to explore these digital opportunities.

The LCR4 START team of experts can offer unique insight into which digital tools and technologies best suit your company operations, based on the benefits they offer, helping you to reach your business objectives.

Explore how visualisation tools can be utilised for developing product prototypes, augmented reality for enhanced product customisation, and how the Internet of Things (IoT) and data analysis can enable your business to become better informed. Our teams will make bespoke recommendations for what works best for your business needs.

Your digital journey is unique to your business. Developing digital strategies around adopting new technologies does not need to be ground-breaking or expensive to create impact, but they do need to make sense to your business.

CASE STUDY: Traditional manufacturers Hayes and Finch explore how innovative digital tools can enhance productivity and future proof their processes.

 

People

Teamwork makes the dream work! Together with our project partners, we are here to support and prepare your teams for an evolving digital environment and new ways of working.

The UK Government states: “A significant part of the population remains digitally excluded… many are missing out on the opportunities the digital world offers, whether through lack of connectivity, digital skills or motivationAn estimated 1.2 million new technical and digitally skilled people are needed by 2022 to satisfy future skills needs.”

A recent government survey of 1,000 UK-based businesses, found digital capabilities helped boost revenues by 4.4% and reduce costs by 4.3%.”

Our teams understand the growing need for businesses to upskill their current workforce, update capabilities and understanding for remaining competitive within a changing ecosystem.

LCR4 START is built on a collective network of expertise, offering your business unique insight and access to the latest research and successful technology infrastructure for evolving your company culture into an innovative team.

 

Leadership

Your team leaders can undergo digital leadership development for ensuring your digital roadmap is implemented and well managed throughout. Enable your teams to better understand the latest in technology, their potential benefits, all whilst bridging the way for your task force.

The LCR4 START teams can help to identify the future leaders for digital change, eliminate management gaps and provide competitive insight for leadership of an effective digital strategy and deployment of digital tools.

 

Supply Chains

Supply chains are evolving to become more digital throughout. The LCR4 START teams have collaborated with SMEs and larger organisations across the Liverpool City Region for over a decade, working with over 300 manufacturing SMEs within the recent LCR 4.0 Project alone.

In addition to the LCR4 START project, the teams are delivering LCR4 Holistic, a new business support initiative, helping businesses across the Liverpool City Region to become better connected, surpassing industry and sector restrictions, for unlocking new opportunities in dynamic environments.

Click here to read how we are supporting SMEs to develop their Digital Supply Chain.

 

Investment

Cities including Cambridge, Manchester, Edinburgh, Cardiff and Bristol are among the top cities for tech investment, as the UK technology industry captured more than a third of investment in Europe (Press release: Department for digital culture media and sport).

Our dedicated teams will ensure your business remains competitive on a national level whilst remaining locally successful.

A Report matrix can support your business to build investment cases for communicating your company’s strengths and digital developments to signposted key investors.

All project partners work very closely with a range of stakeholders including the local Chambers of Commerce, Councils and Government initiatives, who can guide you to what funding opportunities are available and which additional support programmes your business could truly benefit from accessing.

 

Let us help you START your digital journey

For more information on how we can support your business and develop your digital strategy and roadmap, please contact us at: hello@lcr4.uk

Click here for more information on LCR4 START and LCR4.0 Holistic.

LCR4 START is a new European Regional Development Fund (ERDF) initiative, supporting Liverpool City Region’s SME business leaders and companies to gain a competitive edge and optimise opportunities through the development of practical strategies for effective digital adoption.

LCR4 START is delivered by The Virtual Engineering Centre via the University of Liverpool, Liverpool John Moores University, Science and Technology Facilities Council and the Growth Platform.

Latest Support for SMEs

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