FAIL FIRST – FAIL FAST: TO FAIL IS A VIRTUE

Failing in today’s world has a new constructive impression. This is a new drift in the current social and professional arena where the intensity and magnitude of failure measure success and directly relate to personality traits, learning, and futuristic thinking. In today’s technology-powered world, failure is considered one step closer to demystifying the art of winning. There is no time to build failure as a design concept in the present setting and then work backward to create a perfect product/service.

Organizations have calibrated the risk and failure appetite to a level where they can explore and experiment with the concepts. The outcomes can be conducive and can amplify the success ratio and market positioning by large margins. Apparently, to extract the most from failure conditions, there must be an effective way of encoding the failure process to capture every action, decision, and outcome which will become the guiding light to follow the right path. Resource (Morale), technology (fitment), finances (cost of failure), and time (delay in arriving at the concept) are the primary aspects that will present an insightful direction to course correct and reposition. 

FAIL FIRST

FIRST: There are brownie points to the one who fails first as he will be the one to have discovered the possibilities and limitations of the endorsed approach. This will help teams to assess and prepare for what not to do to fail in the next attempt. Leaders are adopting new methods, technology, and thoughts of gaining an advantage over traditional mechanisms. There are reassuring outcomes when you are first to fail. The appetite for taking a risk and attitude to reward this attempt will spread a positive mindset within the workforce and inspire innovative and bold ideas. This will also send a positive message about the culture where you are invited to try and be rewarded for failure. You become the industry leader to have discovered a perspective on the attempt and be the one to gain your own firsthand experience to tell the story. This extends a strategic advantage as an early adopter and opens new sources of business and growth opportunities. Organizations get the benefit to tap and secure their operating grounds to enjoy the first mover’s advantage in such a scenario. when they have this advantage, they decide the business model, introduce a prototype, and allure the customers(masses) as their followers. When you have learned so much about the failure life cycle, you get enough time to correct your strategy with time to seek advice, ensure your actions/steps from all dimensions, and steer the organization’s direction while others are still figuring out the prospects and consequences.

FAST: The sooner you have gone through an iteration of adoption/integrating a solution using nascent technologies and concepts you have deliberated failure. Technology and its components will exhibit its potential until its put to the test in an environment with distinctive circumstances and exclusions as per business needs. The Sooner the limitations of any technology are understood, the faster you find complementing resolutions and filter unsuccessful factors. This rapid implementation cycle will reduce resource consumption, ultimately saving time, effort, and money, significantly controlling the impact of widespread failures with large amplitude. The POV and POC formulation will extend the theoretical benefit to avoid digressions from the objective. Augmenting this learning across the organizations will refine the trial execution process to improve time to market or time to concept rapidly. Such mindsets will strengthen the aptitude to take up the intuitive journey and determining unexpected outcomes, which will provide you with in-depth information about unanticipated inter-dependencies and their effects on the technical & business ecosystem. Hence the iteration length has to trim down to the best possible limit with a proper milestone. It ends up saving the consumption of organizational resources, including finances, efforts, and reputation. Moreover, this would have already placed you behind the race in the market. Failing fast will add to the institution’s proprietary knowledge to use all the data points from these flawed initiatives to build a well-educated, sustaining, long-term strategy with corrective and preventive measures in mind to mitigate distress events.

These are the times to embrace contradiction and accept the new hypothesis of doing things that will launch every attempt to innovate with a new attitude.