According to a Tech Pro Research survey, 70% of companies either have a digital transformation strategy in place or are working on one, an impressive figure which might suggest that the vast expanse of industry is well on its way to a promising digital future. In reality, 70% of digital transformations fail, most often due to resistance from employees, according to research conducted by McKinsey.
Stakeholder demand and public expectation continue to rise at pace. Driven by the pressure to decarbonize, nearly every sector is setting more rigorous sustainability standards with digitalization at their heart. If companies can’t manage the change, they risk reputational damage and becoming irrelevant.
“When it comes to digitalization, what companies need most is to outline their commitment and goals and formulate a plan to offer structure and translate strategy into action for their people,” says John Sczurko, executive president of consulting at Wood.