The successful ones brace themselves for a breakneck pace of change – to move at digital speed. And they see transformation not as a programme but as a continuously accelerating commitment to stay ahead of the customer.

The transformation programmes that failed did not do so because the risks taken were too big, nor because they invested too fast. They did so because they moved too slowly. Complex steering committees, aligning matrixes between the new business and the legacy business, nudging forward the culture – these all left them standing.