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According to research by Gartner, digital transformation initiatives by large traditional businesses are typically taking twice as long and costing twice as much as anticipated. But this is also creating big opportunities for smaller and more agile enterprises that continue to lead the way with digital innovations.

By contrast, smaller teams seldom have problems with information silos and communicate much more effectively. Smaller budgets also create an environment of ingenuity where innovation can thrive. Companies that upgrade their company culture redefine their business and leverage digital technologies are transforming the way they deliver value to their customers.

Technology has traditionally enabled businesses to deliver better products and services while also reducing costs. But the digital transformation is seamlessly integrating technology into every area of your business.

However, your digital transformation journey is not about technology at all. It's about change. It's time to unlearn traditional methods and the familiarity of our analogue past. No more five-year-plans and never-ending IT projects. It's time to retire the phrase, "But, we've always done it this way."

Here are the four critical elements of what a successful digital formation should look like: