Why do so many enterprise software projects technically succeed but still feel like failures?

I’ve seen many enterprise projects hit every milestone — delivered on time, requirements met, stakeholders satisfied — yet the actual business value is close to zero.

Users avoid the system, teams keep using spreadsheets, and productivity barely changes. On paper it’s a success, but in reality nothing improves.

Is the problem:

• Measuring success by delivery instead of outcomes?
• Requirements driven by leadership instead of real users?
• Too much process and not enough iteration?
• Software built to satisfy contracts, not solve problems?

Curious to hear honest experiences — especially from people who’ve worked inside large organizations.