The objective of this paper is to increase our understanding of how organizations strategize with a view to making their digital investments successful and the impact such digital strategies actually have on business outcomes. We examined 2940 papers related to digital business strategies, of which 31 were included in relevant empirical research. These papers were reviewed and subjected to thematic synthesis. Many organizations appear to initiate scattered digital initiatives without a clear idea of where they are going. Companies can benefit from a deliberate digital strategy that enhances the ability of businesses to quickly adjust to new trends, possibilities, and threats, as well as a constant balancing of new possibilities with the exploitation of current assets.