With a tsunami of new digital technologies all converging simultaneously - social, mobile, cloud, analytics and embedded devices - there has been, once again, a cry for corporate IT to radically change to enable the digital transformation of businesses. But here is the daunting and exciting thing: we're only at the very beginning of the next digital wave. Technology innovation is not slowing down or leveling off, but ramping up - and businesses will soon face a barrage of new digital possibilities. There is no time for complacency. Kim Stevenson, Intel's CIO, summarizes the challenge well: "[IT functions have] gone through ERP, they've gone through BYO and they've gone through cloud, and they think they've done it all. But the reality is, we're only at the very, very beginning of this next generation of computing, and I think that...industry leaders will be the ones that transform first. I don't care what industry you're talking about." IT is already being asked both to industrialize traditional infrastructures and systems fast to save costs, and to innovate customer experiences and operations with new digital technologies. Cloud-based services are also now being bought directly by functions like HR and marketing, resulting in IT losing its control over technology purchase within the organization. Are all these changes just part of the natural evolution of the IT function? Or, in preparation for the coming wave, is a more fundamental re-invention needed? Research points to the latter. Get the full story at Harvard Business Review