The world has remarkably changed in the digital era. Enterprises recognize that the potential for disruption of business models led by technology may not even be understood by everyone, and yet, this presents a real threat in several industries. Till even about a few years back, failure was non-acceptable and considered an anathema. But in the digital era, enterprises are increasingly recognizing that failure is an intrinsic part of the journey.
In this world where proactive innovation is the only way to stay competitive, the faster an organization can get from idea to implementation, the better the chances are to embrace opportunities and create new business models. In other words, there is no digital journey without having its share of failures. Speed is the essence. Enterprises no longer have the luxury to keep analyzing forever to minimize the risks of failure. The only way to address the risk of disruption is to build strong capabilities and processes for continuously evaluating various business models, create pilots, test solutions and recognize the ones to keep and the ones to discard. Several enterprises are executing projects using agile to get minimal viable products off the door. Enterprises need to fail fast, not over decades in order to succeed faster.
This edition titled “Fail Fast to Succeed Faster”, explores this topic to understand what is driving this change, and how enterprises are managing failures. This edition also features interesting perspectives on this topic from Ms. Rajashree Nambiar, Chief Executive Officer & Executive Director, India Infoline Finance Limited.
We’d love to hear your views on this topic. Do you agree that fail fast to succeed faster is the new mantra for success? How have you managed your digital innovations in the recent past? Please post your comments to me directly.
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Have a lovely day!