Half of all new initiatives fail, regardless of how creative or innovative a project might be. Expedited by digital transformation in almost every industry, the culture of innovation in the business world has enhanced the way executives approach any program or project. People today are much less conservative with their strategies and decisions. But, projects are destined to fail without the correct data that measures your organization’s ability to deliver. Leaders need a readiness score that provides critical information and a continuous feedback loop.
No matter how great your idea is, if you can’t execute your strategy, it’s worthless. Often, company executives do not realize this until they are already compensating for or even stumbling over an invisible hazard that could be remedied with measurable data and a focus on real solutions.
For example, as your initiative grows into new phases, a gap in capacity emerges as your people, processes, and technology become more complex.
In the interactive chart above, the gray square (where the orange squares overlap) represents the skills your organization retains as the initiative moves forward. Ultimately, the more aggressively you pursue goals, the more quickly you will experience misalignment and a growing risk of failure.
It may be counterintuitive for an executive, especially one whose leadership has long created confidence within the company, to question his or her instincts about a team’s ability to adapt. However, confidence bias will lead to blind spots and should never take the place of measurable data.
By harvesting data from within your organization, measuring proven domains, and identifying dangerous bias to help improve decision-making, you can develop a true metric and control factors that will improve project success.