All around us, companies are using technology to transform their operations, respond more quickly to customer demands, and enable new business models.
At least, that’s what they’re saying. The reality, though, is often less rosy.
According to 451 Research, more than half of all retail, financial services, and healthcare organizations have launched a formal digital transformation initiative across the entire enterprise. Another 20 to 25 percent are taking a siloed approach, transforming one element of the organization at a time.
This year they’ll spend nearly $1.3 trillion trying to operate more efficiently, innovate faster, improve the customer experience, and stay ahead of all those pesky digital upstarts. But nearly three out of four large-scale transformation initiatives won’t actually reach their stated goals, according to McKinsey & Co.
