According to BCG, only one in three digital transformations succeeds. KPMG reports that 63% of executives have seen performance improvements, but many still feel they fall short of the full value. Meanwhile IDC forecasts $3.9 trillion in global digital transformation spending by 2027.

That is a staggering investment. So why are the returns not keeping pace?

At Pfizer, and earlier at P&G, I have had the chance to help lead large, multi-million-dollar transformation programmes affecting multi-billion-dollar businesses across global markets. What I have seen is that success does not come from the technology alone. It comes from what surrounds it.

It works when

• We begin with clear business outcomes, often grounded in OKRs.
• Leadership is actively involved, not endorsing from a distance.
• The transformation focuses on how people work, decide and deliver value.
• Change is treated as a business journey, not an IT project.

It fails when

• New tools are launched, but processes and behaviours stay the same.
• Teams are expected to adopt change without enablement or context.
• Culture is treated as a side effect instead of a core part of the strategy.
• ROI is assumed, but never measured or owned.

As we enter an era defined by AI and GenAI, the question is not only what we are building. It is whether we are truly changing how we create value.

I would love to hear what others are learning through this evolution.

Sources: BCG; KPMG; IDC Worldwide Digital Transformation Spending Guide. First published on LinkedIn, May 2025.