Digital transformation means different things to different people. I describe it as using digital advancements, like technology, processes, marketing, e-commerce, etc., to positively transform how a business goes to market.
Case in point, according to a Capgemini study, 87% of companies say that digital transformation offers a key competitive advantage for businesses, of which according to Forbes, 70% of companies either have a digital transformation effort in place or are working on one. But according to an Emerson study, only 20% of respondents had a vision and a clear and actionable road map for the digital transformation effort. And the lack of an actionable road map is on us, which may account for why over 70% of digital transformations fail (Everest Group).