Strategic Management and Risk Management in Digital Firms
Strategic Management involves identifying and implementing a company's main goals based on an assessment of resources and the competitive environment. Risk Management involves identifying, assessing, and addressing risks to ensure business continuity and achieve objectives.
Strategic Management
- Digital Transformation: Adopting new technologies like AI and data analytics.
- Customer Focus: Using data to customize services and enhance customer experience.
- Agility and Innovation: Implementing agile frameworks and fostering a culture of innovation.
- Data-Driven Decisions: Leveraging big data and predictive analytics.
- Partnerships: Forming strategic alliances and engaging in open innovation.
Risk Management
- Cybersecurity: Protecting against cyber attacks and having incident response plans.
- Privacy: Complying with data protection laws and using encryption.
- Operational Risks: Implementing redundancy and disaster recovery plans.
- Market Risks: Monitoring the market and diversifying products.
- Compliance: Keeping up with legal changes and establishing compliance programs.
- Strategic Risks: Evaluating and adjusting business models and balancing innovation with risk.
