What is the Cost of a Failed Innovation Project or Change Initiative?
It seems like a simple question.
One that you would expect to lead to some risk mitigation behavior, but it doesn’t.
And when you consider that companies are spending an increasing amount of their budget on technology and working to transform their operations to be more digital in order to provide a better experience for customers, employees, partners and suppliers while simultaneously creating a more efficient and effective business, you would think that companies would do everything possible to make sure that these projects succeed, but they don’t.
Everyone knows that a lot of technology projects fail to achieve their intended objectives, timings, and budgets. This fact and the increasing investment levels should cause more executives to look for ways to de-risk these technology investments in digitizing the business, but they’re not.
Why is that?
Are we really so afraid of learning new ways of doing things that would dramatically reduce the risk and expense of project failures that we will continue using the old ways even though we know they don’t work?
Even though there are incredibly inexpensive and easy ways of reducing both the risk of project failures and the cost of project execution, patterns of behavior are not changing…
Perhaps you see the world differently.
Perhaps you’re fed up with project failures and want to increase the speed of both change execution and change adoption.
Consider answering these five simple questions before spending a single minute on your next innovation project, change initiative, or digital transformation effort:
- How much is an hour of your time worth to the company you work for? (multiply this by the number of hours you expect to invest in this project or initiative)
- What is the fully-loaded monetary value of the time that employees are going to spend on this project or initiative?
- How much do you pay to a single contract project manager to spin up a project before the first minute of actual work begins? Over the life of the project?
- How much are you planning to spend with consulting companies on this project or initiative?
- How much are you planning to spend on contractors to staff this project or initiative?
Have you got the numbers in your mind?
Now, are any of these numbers $100 or more?
I’m sure they are, unless of course you’re going to do the project yourself in less than an hour and don’t value your time very much.
So, what if I told you that for less than $100 you could plan and execute your change initiatives, innovation projects and transformation investments in a much more visual and collaborative way and simultaneously reduce the chances of project failure and the cost of executing your project?
Well, you can. You just have to be willing to challenge orthodoxies and use a new set of tools, a new approach, that will feel very natural and empowering if you’re already comfortable with the Business Model Canvas, Lean, Design Thinking, or the Lean Startup.
All you need to get started is a copy of my latest book Charting Change and a $99.99/yr license for the Change Planning Toolkit™ (which comes with a QuickStart Guide). In exchange you’ll get tools worth more than $1,200 and will help to support the creation of the Disruptive Innovation Toolkit™.
It’s as simple as that.
And to get you started if you’re still unsure, go ahead and get the:
Let’s change change and keep innovating – together!
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[author image=”https://www.disruptorleague.com/wp-content/uploads/2016/07/Braden-Kelley-70.jpg”]Braden Kelley is a Director of Innovation and Human-Centered Problem-Solving at Oracle, and a popular innovation speaker and workshop facilitator. He is the author of two five-star books, Stoking Your Innovation Bonfire and Charting Change, and the creator of a revolutionary new Change Planning Toolkit™. Follow him on Linkedin and Twitter (@innovate).[/author]
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