The main obstacles to enterprise innovation include a lack of technical skills and know-how, budget constraints, technical debt, and cultural disconnects between departments. Despite these challenges, decision-makers indicate that cultural issues are more significant barriers to transformation than technological ones.

Company culture plays a crucial role in digital transformation. It affects how well different departments collaborate and align with the digital strategy. A positive culture that supports change can lead to better outcomes, while cultural disconnects can hinder progress and innovation.

Delays in modernization can be costly for businesses. For instance, Southwest Airlines incurred over $725 million due to an IT outage that disrupted operations. Additionally, companies that successfully define and align their digital strategies can see a 5% higher market valuation, highlighting the economic upside of timely transformation.