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Knowledge Challenge

A friend thinks you can answer this question about Agile Transformation

A 5,000-person enterprise has been 'doing agile' for 3 years. Every team runs daily standups and 2-week sprints. Velocity charts are tracked weekly. But time-to-market for new products is unchanged from pre-agile, employee engagement scores are flat, and the CFO still requires annual project business cases. What is the most likely diagnosis?