Morgan Stanley estimates that U.S. companies threw away $130 billion in two years on unneeded software and other technology. Why? They stampede into the wrong technology. They buy too much and don’t implement new tech properly. They also underestimate the time needed to make it work. And CEOs, especially during the go-go years, often spent too quickly without clear goals. “People kind of viewed it as black magic, so why understand it?” says Charles Phillips, a tech analyst at Morgan Stanley.
