Digital transformation is a strategic imperative for businesses, with 90% of respondents in a recent global survey of managers and executives confirming its importance. Despite this, 70% of all digital transformation initiatives do not reach their goals, resulting in $900bn worth of expenditure that doesn’t achieve the desired outcome.

Successful digital transformation relies heavily on strategy. Companies that view digital transformation as a cost-saving exercise are less likely to succeed than those who see it as an investment in business growth. A significant factor in successful digital transformation is the ability to make data-driven decisions.

The survey also revealed that the most digitally mature companies are more comfortable taking risks than their less mature counterparts. This willingness to experiment and learn from failure is a key factor in digital success.

Furthermore, digital transformation is not just about technology. It also involves a shift in organisational culture. A digitally maturing company encourages distributed leadership and empowers its employees to drive digital transformation.

Finally, companies that are ahead in the digital maturity curve understand the importance of collaboration. They are more likely to work across silos and collaborate with outside partners. This approach helps them to innovate and adapt in the rapidly evolving digital landscape.

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