Instead, most organisations don’t tackle technical debt until it causes an operational meltdown. At that point, they end up allocating 30–40% of their budget to massive emergency transformation programmes—double the recommended preventive investment.

I can very much relate to this statement. Many contracts I've worked on in the last few years, have been transformation programmes, where an existing product is rewritten and replatformed, often because of the level of tech debt in the legacy system.