Why digital transformation success depends on good governance

The COVID-19 crisis forced businesses everywhere to fast track their digital transformation efforts. Faced with the stark choice of becoming a digital-first business, or having no business at all, companies that were previously behind the curve had to implement everything from remote working to entire digital storefronts in a matter of days. According to research by McKinsey, the digital initiatives unleashed in response to the pandemic leapfrogged seven years of progress in a matter of months as companies acted 20 to 25 times faster than they had believed was possible. In the process, this acceleration of digital during the crisis brought about a sea change in executive mindsets with regard to the role of technology in business. Fast forward to today, and corporate leaders are now investing in technology for competitive advantage, refocusing their entire business around cutting-edge technologies, and initiating a business culture where experimentation and innovation is actively encouraged.