To effectively oversee digital transformation projects, businesses must break free of cultural barriers and understand that failure is part and parcel of innovation. Indeed, it is the fear of failure that holds many corporates back from succeeding when it comes to innovation. I challenge corporates to realise that, in all likelihood, they are not going to stop existing if they do not innovate. However, they definitely will not reach their full potential, and, over time, they risk losing market share.
I wish that failure rate was even higher — after all, trial and error is the way forward, and companies should be having as many failures as possible. It is much better to bear the sunk costs of unsuccessful attempts than to have not tried at all.
Even though failure can be painful, it gives businesses the opportunity to learn what works and what does not. Trying something new might be rewarded, but if not, it will allow business leaders to quickly identify where they went wrong and gain a better understanding of what to avoid or alter in the future to avoid a repeat.
Not only must companies change their mindset, but they must also create structures to fast-track exciting ideas; it is no secret that excessive red tape and bureaucracy makes it difficult to go from ideation to creation. Whether that is by creating a department that is dedicated entirely to testing new ideas or encouraging employees to spend some time developing ideas for how the business can incorporate new technologies, business leaders should be confident that all suggestions that have potential are tried and tested — rather than discarded simply because they would be difficult to investigate.
There is no set blueprint for successful innovation, but business leaders must be ready to fail along the way. After all, the long-term benefits of unearthing a great area for innovation will typically outweigh the odd unsuccessful project. You must be logged in to post a comment. However, this mindset risks hindering, rather than encouraging, true innovation.
The question beckons: what went wrong? Digital transformation success stories Let us now move on to some success stories; examples of companies who have leveraged new technology and reaped the benefits. Do not fear failure To effectively oversee digital transformation projects, businesses must break free of cultural barriers and understand that failure is part and parcel of innovation.
By Ritam Gandhi On Jul 31, You might also like More from author. Building Brands. Prev Next. Leave A Reply. People need to have that freedom to experiment, be creative and see what works. There will likely be others, and how we prepare for them as business leaders is important.
In order for organizations to weather these changes and successfully innovate, they must first build a strong team foundation that can be agile and flex with whatever comes their way. Anybody who has ever played a team sport knows that good team chemistry can make the impossible possible.
The next few months will be critical as organizations continue to navigate rising COVID cases related to the latest variant and what that will mean for their businesses and people.
Now more than ever, organizations must be agile and smart in their innovation strategies to remain competitive. Eric is the Chief Marketing Officer at Fuze. August 19, by Eric Hanson. Identify and focus on the white space. In the old days, like…10 years ago, this was a daunting but not impossible task, but today, with the velocity of change and innovation constantly moving things forward at a furious pace, this is now an incredibly hard hurdle to get over consistently.
How you do it? Here are a few suggestions. Embrace the idea of creative destruction. If someone is going to replace your product or service with something better, cheaper, faster or more elegantly designed…it should be you, not your competition. Think about Apple; the minute the company comes out with a new product, development teams immediately go to work to build something that will replace it.
Think quality and quantity. The best way to get really good ideas is to have lots and lots of ideas. Some will be spectacular and some will be complete duds, but the only way to find that really cool, innovative idea is to have it be one of ideas up for consideration. Reward prudent risk-taking. One of the best ways to succeed quickly is to fail faster than any of your competitors.
Shake up your thinking. An excellent way to get superb new ideas and innovations is to look at places that seem to have almost nothing to do with your current product or service.
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