The polynomial transformation of the raster failed because there are not enough control points to solve the equation or there are too few points available if an interpolation tool was run.
Create more control points to use in the transformation. The number of points required by the tool is dependent on the type of transformation.
See the Warp (Data Management) documentation for more information.
If you are using one of the interpolation tools, increase the number of points to at least 2; however, some may require 5 or more points.