The rapid digitization of every industry has challenged business leaders to rethink their technology and infrastructure. In fact, 89% of large global companies are actively pursuing digital and AI transformation today. But as organizations work toward innovative change, some remain stuck in strategy mode, while others wind up behind the competition despite their efforts.
According to McKinsey, businesses have only captured 31% of the full revenue benefits—and 25% of the maximum cost benefits—their tech-driven changes could enable them to achieve. Furthermore, only 35% of board directors report being on track to achieving their transformation goals.
So, what exactly is holding businesses back from harnessing the full potential of digital transformation? And how can organizations remedy the issues? Here are four key reasons why digital strategies fail and how you can achieve your transformation goals.