Digital transformations continue to be challenging and are prone to failure. Learn about 11 fatal mistakes to avoid at all costs.
Digital transformation has come a long way from being a buzzword to becoming imperative for business success. However, digital transformation failures continue to plague many businesses, even as their organizations invest heavily in transformation efforts. Companies spent $1.6 trillion in 2022, which is expected to reach $3.4 trillion by 2026, predicts to Statista research.
Moreover, the gains that companies do achieve tend to be fleeting, according to 2023 research from McKinsey that found the long-term impact of transformation projects is “rarer than one may think.” The survey found that while a majority (56%) of respondents said their organizations have achieved most or all of their transformation goals, only 12% report they have sustained these goals for more than three years. Additionally, an average 42% of financial benefits are lost during the latter stages of a large-scale change effort, the survey found.