Digital transformation is the continuous process by which enterprises adapt to or drive disruptive changes in their customers and markets (external ecosystem) by leveraging digital competencies to create new business models, products, and services, according to IDC. Benefits can include a 33% increase in speed to market, increase in customer satisfaction, and 37% in new business revenue. Failure rates for unsuccessful digital transformation projects can be as high as 84%, but only 70% of siloed digital transformation initiatives will fail. Cultural resistance to change was the main barrier to digital transformation, with legacy IT systems and retaining critical talent ranking second and third, respectively.”]
Source: https://www.csoonline.com/article/3239770/dt-is-a-people-first-initiative.html