Sometimes it seems like we’re just getting used to the latest technology when it becomes obsolete. Savvy business managers can get whiplash trying to stay current on what’s new, what’s coming and most important what will benefit the business. Staying innovative is critical for survival in today’s markets, and businesses who innovate consistently are all but guaranteed to come out on top. But is there a risk in too much IT innovation? Where is the tipping point for risk versus reward? In this blog, we aim to find out.
Managing the risky business of innovation
The very nature of innovation involves some risk. Creativity is a risky business. Granted, you have to have some element of creativity in order to get to a different (and hopefully better) place. So, why doesn’t every innovative idea work? Too often, executives don’t stay the course when things get choppy during innovation initiatives. They bail too soon or don’t support the innovation fully with the appropriate resources. And sometimes, a company’s infrastructure simply can’t keep pace with the necessary change.
Finding a balance instead of a tipping point
Ideally, businesses should find room for both radical innovation and projects that grow incrementally. A lot will hinge on the company’s new product development schedule as well as the internal company culture. Introducing a supercharged new product release schedule into a company with a high-control environment, for example, is asking for trouble. Stay true to who your company culture and make changes as you need to scale.
Providing benefits for the greater good
Investing in any new technology involves some element of risk. But if we take a broader look at IT innovation and not just focus on what it’s doing for those immediately involved that risk diminishes greatly. Take the Internet of Things (IoT) for example. People all over the world will be able to benefit from some of the advances that IoT will bring to daily life. The same goes for robotics and AI. However, it’s critical to stay mindful of the potential for risk in IT projects where personal well being, environmental issues and cultural beliefs and identities could be in jeopardy.
Developing the best risk vs. reward barometer for your business
IT innovation presents a valuable opportunity for today’s business. That’s why it’s critical to partner with a company that will match your innovative spirit and push you to try new solutions to the challenges your business is facing. When you partner with PowerNET IT Solutions, you’ll align with consultants who understand the inherent power in IT innovation and are creating it every day.
But there shouldn’t be any risk involved just to get started. Take our free IT health check today to find out how to become more innovative without incurring extra risk for your business.