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Digital Transformation Involves More than Just New Technologies

Last year $1.3 trillion were invested in digital transformation projects, with only 30% of the projects reaching their actual target. Approximately $900 billion were wasted while aiming for successful digital transformations.

But why do so many projects fail? Digital transformation is often fundamentally misunderstood. Carrying out the same processes via another device, e.g. issuing invoices electronically rather than on paper, is not what a digital transformation is all about.

A digital transformation is much more profound and comprehensive. It involves a fundamentally different approach development of business models. Platform business models, for instance, erode the differentiation between customers, service provides and intermediaries. For a successful transformation, one thing above all else is needed: the right mindset. Both, managers and employees must actively create change. The fear of becoming replaceable often prevents employees from driving the digital transformation process forward. If these fears are addressed accordingly, the project’s chances of success increase.