That’s a rather broad question; there’s not one answer as every client is at a different maturity path and has a different perspective on what the value created by transformation looks like.
The value around transformation that we are seeing at KPMG is clients are trying to extract value the data within their organization. For example, some clients seek to improve their technology systems so they can get more accurate and faster access to data. This improves the client's capabilities as it allows them to make better, more intuitive decisions for their business quickly. Those decisions might be: how can I make the business more efficient, how can I make my customers more satisfied, how can I improve employee retention, etc.
Largely, transformation can be very impactful to an organization if design and managed properly. The objective of a lot of current transformations is to get better insights into the key asset within the organization - data.