Industrial organizations are increasingly investing in technology and digital transformation (DT) initiatives to enhance their digital maturity and achieve sustainable growth within VUCA markets. However, the potential benefits of these investments vary depending on the company’s level of technological maturity. Higher maturity generally provides better positions to implement DT strategies and maximize their return on investment (ROI). However, due to the inherent complexity of DT initiatives, many organizations struggle to determine the most effective investment paths and align them with strategic objectives. ROI in DT is multifaceted and not limited to financial outcomes. Economic advantages can come from specific strategic and operational actions.
Digital Transformation Maturity Models (DTMMs) are proposed in literature for assessing and measuring, based on specific dimensions and factors, the business readiness in managing DT investments. Despite DTMMs are widely discussed in literature, none of them refers to ROI concept. Addressing this research gap, through a Systematic Literature Review, the study aims to explore the relationship between DT maturity and ROI and to identify the key factors facilitating the implementation of specific actions for gathering high ROI. Based on 35 DTMMs, the paper identifies 51 key factors that influence successful DT implementation and capitalization. These factors are grouped into four dimensions: People, Organization & Culture, Information & Technology, and Operations. Furthermore, through the interaction of an IT company, the study provides an original framework matching all factors with specific forms of ROI. The framework represents a valuable indication for companies to shape their digital strategies, consider DT investments, and generate meaningful ROI.