66% of business leaders globally claim to have a strategy in place for digital transformation. But only 11% of those say they achieved actual, substantial benefits from that transformation. The average return on investments from successful projects is reported to be 17%. It is true to say that certain digital transformation initiatives return far more than 17%, but it is also true to say that the majority of initiatives fail in terms of expectations and cost. Clearly, there are big differences between the successful execution of digital transformation by a few and the average project experience in the typical business experienced by the many.
Based on data provided and the ecosystem of IT service providers and partners, as well as research available in the public domain, some assertions can be made about the keys to successful digital transformation.
Best practice to guide well-executed transformation would include the following principles:
- Tailor to individual circumstances
- Think big, start small
- Methodology beats technology
- Integrate rather than replace
- Never lose sight of the end result
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