You don’t need to be a business veteran to know the importance of keeping up with the pace of change. As actor Sam Waterston once said, ‘If you’re not moving forward, you’re falling back’.

This is what is at the heart of digital transformation – but not every company has the luck of companies like Netflix or Nike.

If anything, it is the opposite. Research from Deloitte showed that 70% of digital transformations fail. Although that is a sobering statistic, it does not mean that your company should not pursue digital transformation at all. You just need to keep a few things in mind.

Here are some of the key reasons why digital transformations fail and how to avoid the pitfalls.