As technology reshapes virtually all industries, companies continue to make sizable investments. Yet many such investments fail to deliver their promised returns. We recently analyzed 250 global companies to determine whether increased technology spending could lead to improved financial performance. The results clearly show no direct correlation between technology investments and profitable growth; spending more on technology does not necessarily lead to better financial performance. This by itself is not a new revelation, but our research further shows a strong correlation between technology and profitable growth if the investments are focused on targeted capabilities, augmented with the right operating model and implementation skills.