Contrary to the popular belief, digital transformation does not entail the complete uprooting of existing business strategies and frameworks. Rather, the process is supposed to complement what is already there. A Bain & Co. research found that only 8% of global companies have been able to achieve their targeted outcomes from their investments in digital technology. The statistics related to digital transformation are disappointing. In a McKinsey survey, the success rate for digital transformation was found to be less than 30%.

Target remodeled hundreds of its stores for delivering convenient and inspiring shopping experiences to the customers. The retailer is focusing on deepening its customer personalization capabilities with the help of a holistic digital strategy. Forbes reports that Starbucks will emerge from the COVID-19 pandemic stronger than before thanks to digital transformation. The brand’s use of electronic payments, mobile apps, pickup-only stores, and third-party delivery networks has long been part of its omnichannel strategy. Now, theirs is a digital-first strategy that puts them miles ahead of competitors.

While there are a growing number of examples touting digital transformation success, failure is still the norm. KPMG found that 96% of organizations were embarking on some phase of digital transformation, but Forbes reported that 84% had failed. According to an Everest Group study, 73% of companies declined to provide any business value from their digital transformation process. A key factor attributing to these failures is fatigue from continual change.