4 key areas to weigh the risk versus reward of innovation paid Workday
If you’re not willing to take some risks and try new things as a company, you face the potentially greater risk of falling behind competitors who will. That’s fairly common knowledge in the digital era, right? Still, innovation requires companies to step outside of their comfort zone. But some business leaders struggle to find the right balance between risk taking and innovation so they delay decisions, ultimately leading their organizations into stagnation.
Those things have to be considered. But in today’s world, where innovation moves fast, the ROI question should be expanded to include other scenarios and their potential outcomes if the investment isn’t made. Would not doing so open the door for competitors to gain more market share or more quickly serve a customer need with their own innovations? Sometimes, the biggest risk to the company is doing absolutely nothing.Business leaders must empower employees and their managers to not fear failure.
At Workday, we often put together teams of five or six people and let them loose on finding an innovative solution to a problem. Small teams have the ability to make faster decisions and react in a more agile fashion than large teams. requires that the success of projects are tracked and measured every step of the way. Ideally, your projects will stay on track to meet your goals, but as you track them, you may discover that’s not going to happen.
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