According to new research from BCG, nearly 70% of digital transformation efforts fail.
Yet even with a high likelihood of failure, many manufacturers are tackling digital transformation initiatives at a more accelerated pace than ever before. This is because the benefits of digital transformation often outweigh the risks of failing.
In the case of manufacturing, there are significant gains to be made through the Industrial Internet of Things (IIoT). According to Accenture, IIoT is estimated to add $14.2 trillion to the world’s economy. However, the same report states that “73 percent of companies have yet to make concrete plans” for implementing IIoT. Holding back your company’s digital transformation plans can jeopardize its impact on both your opportunity to accelerate growth and the global economy.
How can companies overcome these daunting statistics and find a way to prevent their digital transformation efforts from failing?
We’ve outlined five common reasons why digital transformation fails—and how to avoid them.
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