Additionally, 54 percent emphasize the importance of becoming more responsive to changing customer preferences. This dual focus on cost-saving efficiencies and innovation-driven organizational agility is a response to the current economic landscape, allowing IT teams to support the business comprehensively.
Positive Transformative Outcomes Organizations are already seeing positive outcomes from their adjusted digital transformation strategies. All surveyed enterprises report having implemented or identified opportunities for creative digital transformation that were considered unattainable in late 2021. On average, organizations plan to invest $33 million in digital initiatives over the next year.
However, challenges persist, with 100 percent of respondents acknowledging past failures, cancellations, or significant delays in digital transformation projects. On average, 14 percent of IT budgets have been allocated to these projects, resulting in an average loss of over $4 million. Key challenges include data access/management, legacy technology, and organizational obstacles such as limited leadership buy-in, budgetary constraints, and a perception of high failure risk.
