Failures Do Not Often Lead to Valuable Learning
It is often said that failures
are stepping stones to success as you learn more from failures. However, in the
case of corporates, it doesn't make sense to make failures as it leads to
projects that create little if any actual value for the company, according to
Jeanne Ross and Nils Fonstad, research scientists at the MIT Center for
Information Systems Research.
Instead of failing fast, companies should “learn fast” by designing initiatives to ensure learning, instead of hoping that failure leads to insight, Ross and Fonstad write. This type of thinking requires a cultural shift from organizational hierarchy to small, cross-functioning teams, and employees should be encouraged to test hypotheses by asking probing questions and admitting what they don’t know. “The challenge is to be much more purposeful about what you’re doing,” Fonstad said.
Source: MIT Management/ https://mitsloan.mit.edu