Digital transformation seems to be a given in most organizations. It’s not a question of whether they will do it, but what sort of return they can expect from it. But finding those returns may depend more on the underpinnings of the transformation, not the top-level technologies or grand ambitions that are expressed. John Marcante and Tim Smith have been in the trenches of digital transformations. Marcante spent almost 30 years in both technology and business leadership positions at Vanguard, culminating in his role as Global CIO. He led the company’s digital transformation in 2012, changing not just the technologies used but also the way Vanguard’s teams operated. He is currently CIO-in-residence for Deloitte Consulting LLP. Tim Smith is the head of  Deloitte Consulting LLP’s Tech Strategy and Business Transformation practice in the United States and leads the global team in digital transformation research. He authored the article Unleashing value from digital transformation: Paths and pitfalls, and is currently working on a new piece that identifies how organizations measure their digital transformation effects.  We spoke with Smith and Marcante about the importance of purpose in digital transformation, the factors that may lead to higher returns, and whether digital transformation is ever truly done.