Large IT-driven transformation programs are important for creating business value in all industries. However, our research, conducted in collaboration with the University of Oxford, shows that 71 percent of large IT projects face cost overruns, and 33 percent of projects are around 50 percent over budget. On average, large IT projects deliver 56 percent less value than predicted.

Boosting the capabilities of IT leaders is critical for improving the outcome of these efforts. In a 2013 McKinsey global survey, executives were asked about levers for improving IT performance. Thirty-five percent of respondents said improving the overall level of talent and capabilities of IT staff was one of the most important initiatives, and 20 percent identified replacing IT management as another key lever.

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