In the post-COVID business world, digital transformation has become a common reality borne from necessity. Yet businesses must ask themselves if they've done enough to make their digital transformation projects sustainable.Global digital transformation spending is expected to touch US$3.4 trillion in 2026 with a five-year CAGR of 16.3%, according to the International Data Corporation (IDC) Worldwide Digital Transformation Spending Guide.
More regionally, India's digital economy alone is expected to surpass US$1 trillion as early as 2025, according to MeitY.Despite these predictions, more than 80% of such transformations fail and the remaining aren't always able to deliver continuous value beyond the immediate gains.
A staggering 88% of the Fortune 500 firms that existed in 1955 have been relegated to the history books because they failed to innovate.For example, Kodak, once the world's biggest film company, lost out during the digital revolution due to a fear of dismantling its strongest product lines.
This digital hesitance has now become what the brand is renowned for, surely affecting its reputational standing in turn.With these examples in mind it's clear that companies need to work hard to stay ahead of the digital curve.Read more on tech.hindustantimes.com