Sensei Labs Shares the State of Transformation 2024 Survey Results
May 13 2024 - 9:30AM
TORONTO, CANADA, May 13, 2024 (Globenewswire)
-- Sensei Labs today shared the results from their first
State of Transformation Survey, reaching more than 150 business
transformation leaders in large enterprises globally. The survey
was conducted in partnership with in partnership with
the Process Excellence Network’s OPEX Week Business
Transformation World Summit event.
Enterprise transformation is one of the critical
disciplines that will drive the growth and success of large
businesses globally. IDC forecasts spending on the digital
transformation subsegment alone will reach nearly $3.9 trillion in
2027 with a five-year compound annual growth rate (CAGR) of 16.1%1.
A recent HBR article2 highlighted the extraordinary failure
rate of these programs, showing that only 22% of companies in their
analysis successfully transformed themselves. McKinsey’s research
supports that conclusion, finding that the more transformation
actions a company takes, the greater its chances for success,
but less than one-third of companies they've studied say
their transformations have been successful at both improving
organizational performance and sustaining those improvements over
time3.
In our current era of rapid technological
advancements and significant market volatility, understanding the
dynamics of business transformation is critical. The State of
Transformation 2024 survey explores the demographics of
participating companies, the scale of their transformation teams
and efforts, the types of programs they’re executing, and the
people, platforms, and processes that enable them. Some critical
findings:
- Over 85% of surveyed organizations have started using AI in
their transformation strategies, with over 50% already having a
policy in place and 2% achieving measurable results.
- Over 60% of our respondents occupy VP-level positions or
higher, reflecting the critical role of top-tier leaders in driving
transformative changes, and nearly 70% of programs have direct
oversight by CEOs.
- Nearly 30% of respondents are managing ten or more initiatives
concurrently, with many of these programs in the early stages
- More than half of the programs covered by the survey are
achieving less than 25% of their financial targets, reflecting that
overall transformation success rates remain in effect.
- About 25% of Transformation Management Offices’ time is
dedicated to low-value, status-tracking activities, costing
enterprises millions of dollars that could be better spent on
higher-value work and driving results.
- The majority of surveyed organizations rely on traditional
platforms like Microsoft Excel, PowerPoint, and Power BI to
orchestrate their program execution and KPI/Benefits tracking and
have yet to make the move to modern, purpose-built transformation
platforms like Conductor by Sensei Labs.
A late-2022 report from Constellation
Research, How a Transformation Platform Reimagines Success: A
Look at the Traits, Data and New Practices Behind High Success
Business and IT Change4, found that those modern, purpose-built
transformation platforms can drive 3x the results of traditional
solutions. “New approaches have recently arrived that bring
together the people, processes, and data within a transformation
effort in a way that holds the promise of dramatically lowering
risk and improving results,” explained Dion Hinchcliffe,
Constellation Research Vice President, Principal Analyst, and
author of the report. “The data is promising and indicates a clear
path forward for significantly improving results and lowering
risks. These results, along with lower risk, appear to be readily
accessible to most enlightened organizations that look at the
common reasons transformation is held back, and then more
comprehensively embody them, such as in a tool or platform.”
Conductor by Sensei Labs is the only platform named in
Constellation Research’s report.
“The ever-increasing rate of volatility,
uncertainty, complexity, and ambiguity in today’s enterprise
environments means transformation skills and maturity are critical
predictors for long-term success,” said Jay Goldman, Co-founder and
CEO of Sensei Labs. “Benchmarking your transformation efforts
against other large enterprises enables transformation leaders and
management offices to understand how they should adapt their
spending, focus areas, and teams. These survey results are an
indispensable tool and source of reliable data to understand the
current state of enterprise and business transformation.”
A complimentary copy of the full report, including
more than 30 questions and analysis, is available
from https://www.senseilabs.com/state-of-transformation/.
________________________________________________________________________________
ABOUT SENSEI LABS INC.
Conductor® by Sensei Labs® brings clarity to
complexity at every stage of your transformation journey to
accelerate benefits and de-risk execution. Conductor is an
enterprise-grade, AI-powered transformation platform that creates
harmony from strategy through execution, delivering KPI/benefits
tracking, accountability, and governance on your terms. Conductor
empowers transformation journeys for the world’s largest companies,
government agencies, professional service firms, and private equity
funds. Learn more at https://www.senseilabs.com.
Sensei Labs and Conductor are registered international
trademarks of Sensei Labs, Inc. and cannot be used without
expressed permission.
1 https://www.idc.com/getdoc.jsp?containerId=prUS51352323
2 https://hbr.org/2021/09/the-secret-behind-successful-corporate-transformations
3 https://www.mckinsey.com/capabilities/people-and-organizational-performance/our-insights/successful-transformations
4 https://www.constellationr.com/research/how-transformation-platform-reimagines-success
Collin Cooper
ccooper@senseilabs.com
+1 (855) 736-7345