Sparked by a chain reaction of challenges stemming from the pandemic, businesses are accelerating their transformation initiatives. Some are doing so in an effort to harness new market opportunities. Some are attempting to stabilize their companies after a very challenging period of uncertainty. For others, it’s to better align operations with strategic business goals and the evolving economic environment.

Like thousands of transformations that have taken place before, 70% of current initiatives will likely fail. It’s a stark reality, but a fate that companies can avoid by developing a strategy with these five considerations in mind.