#digitaltransformation is perhaps the central concept of enterprise information and technology today. IDC estimates that businesses will spend more than $2 trillion on digital transformation projects in 2022. However, various myths surrounding digital implementation have sometimes muddied the waters, making leaders skeptical about embarking on this transformative journey. Here are five major myths about digital transformation:

Myth 1: I was not the first mover. I will not reap the best benefits.

Everyone feels that others are further along the path of digital transformation. According to Telstra, an Australian telecommunications firm, only 21% of senior decision-makers consider their organizations to be “digitally mature,” while 30% say they haven’t even embarked on the transformative journey. However, technology is evolving exponentially. Digital transformation will not get easier or cheaper to implement as the years go by. With no time to waste, getting started should be the first priority for any organization, as building a stable base for digitization is where all future benefits will originate from.

Myth 2: Machines will replace humans.

Research published in the Harvard Business Review has shown that the advances in AI and machine learning are meant to amplify human capabilities, not replace them. While robots can meet a variety of needs, human imagination is needed to guide these AI applications to provide the best results. With this in mind, workforce re-training and investment is needed to create an ecosystem where humans and machines work in unison to achieve their goals.

Myth 3: Digital transformation is only about technology.

Digital transformation is not synonymous with better technology. The journey towards digitization starts with upgrading your future-facing business strategy and having the right vision to make it a reality. Sustained transformation is about adapting, operating, surviving, and being uniquely agile in a world of rapidly changing market expectations. The implementation of technology is just a single tool in this transformative journey: The people, the organizational structure and work culture need to constantly evolve to keep pace with developments in the industry.

Myth 4: Digital transformation is optional.

The risk of being outpaced by competition increases manifold if organizations do not invest in digital innovation and keep up with the times. Consistently catering to the needs of your loyal customers is not an option, but a mandate. With an ever-changing landscape of customer expectations, digital transformation can be your answer to meet new market demands.

Myth 5: IT can handle digital transformation on its own.

Though the IT department often drives digital transformation for the company, the business needs to be holistically receptive to this journey. C-suite pioneering, enterprise-wide undertakings, and involvement by all relevant stakeholders are imperative for a common, organization-wide understanding. Multiple functions and groups need to take ownership of the initiative and manage all the moving parts to create a successful enterprise.