7 secrets of successful digital transformations

Organizations that continued full speed ahead with their digital transformation initiatives during the COVID-19 pandemic are able to ruminate on what went right and what they would have done differently, with the benefit of hindsight. Some of what they've gleaned comes as no surprise: A successful digital transformation requires executive buy-in, constant communication with business units, and of course, financial commitment. A newly released report from Deloitte supports that, noting that a straightforward, compelling "north star" narrative is critical to success for 38% of executive respondents. A leader also needs to devote time and energy to drive a transformation forward. When a chief transformation officer contributed an additional 15% of their time, the probability of success improved by approximately 16%, according to the study. In terms of financial investment, half of the survey respondents indicated that their organizations invest between 1% and 5% of annual revenue on transformation programs.