Friday, January 10, 2020

The Monthly “Lesson Learned”: Learning from Failures” Jan 2020

The reality of failure is that it is also a way to learn. You can make a transition from failing bitter to failing forward only if you learn from the failures, and then failing is something that prompts you to move ahead.

Digital makes a significant impact on every aspect of the business from people, process to technology, both horizontally and vertically. Digital becomes the very fabric of high performing business, being outside-in and customer-centric is the new mantra for forward-looking and high mature digital organizations today. Digitalization is the thorny journey and innovation management is both art and science. What are the pitfalls on the way?

                               Learning from Failures

LESSON LEARNED As the saying goes: History repeats itself. Some things from the past are circular and keep coming back in. LESSON LEARNED is what you learn from the past to increase your opportunities for future success. LESSON LEARNED also helps you learn what not to do for avoiding pitfalls to failures.

Learn from Failures No one likes failures, but failures knock our door sometimes. Either individually or at the organizational level, there are some failures perhaps you can control. But others seem completely out of control. The reality of failure is that it is also a way to learn. You can make a transition from failing bitter to failing forward only if you learn from the failures, and then failing is something that prompts you to move ahead.

Three Misguidance Stifles Digitalization Digital means flow and high velocity, closer to reality is that 'change' is continuously happening in such a dynamic environment of a company, with accelerated speed. It indicates that business leaders must learn how to strike the right balance between managing complex issues today and forecasting the uncertain issues of tomorrow, commit to transforming themselves into a highly innovative digital business powerhouse. Misguidance will cause business failing and stifle digitalization. To stay competitive, companies must be steered in the right direction, move from “Doing Digital” - experimenting with digital technology tools to “Being Digital” - running a full-fledged digital organization.

How to Overcome Learning Inertia Digital means the abundance of information and a shortened knowledge cycle. As companies around the world transform themselves into the digital business that is based on ‎information, their ability to explore intangible assets such as information and knowledge has become far more decisive to build competitive business advantages. Both at the individual and organizational level, if you fail to climb the learning curve, you will get static and lag behind. Business leaders should be aware of learning curves or learning inertia, make an objective assessment of their organization’s learning competency.

Learning from Failures and Failure Forward No one likes failures, but often failure knocks our door before success. Failure in ancient Latin is "defectum," and defectum share the same root of the word "deficere" ("missing" in English) that comes from the ancient Greek αποτυχία means failure. εποτυχία means success. The meaning is that understanding that the difference between failure and success is just in one letter... α and ε ... and just one letter can dramatically change the outcome. If failure is inevitable, either running an organization or undergoing a life journey, how do you fail fast and fail forward?

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