Digital transformation is the number one concern of directors and business executives globally in 2019, according to research conducted by the Enterprise Risk Management Initiative at North Carolina State University and the management consulting firm Protiviti Inc. Just a year ago, the researchers said, it was tenth on the list.
The huge leap within a year reflects the speed and magnitude of digitisation as it affects every organisation, challenging leaders to show they have the agility to keep pace with digital disruption.
Transformation is a challenge. According to a report by McKinsey, 70% of digital transformation initiatives fail. An article in Harvard Business Review stated that of the US$1.3 trillion that was spent on digital transformation in 2018, “it was estimated that $900 billion went to waste”.