Fear blocks enterprise innovation hopes as competition mounts
More than 3 in 5 executives say fear is blocking their organizations' innovation efforts, according to a Miro report published Wednesday. The company surveyed 1,792 executives in July.
Specifically, leaders are concerned about making bad investments or choosing the wrong projects as they steer enterprise innovation. Nearly one-third have concerns about hurting their careers or reputations if projects fail.
As adoption of emerging technologies progresses, the majority of leaders say their company is afraid to prioritize breakthrough innovations. More than 4 in 10 see these breakthrough innovations as the biggest threat from competitors.
As generative AI interest skyrocketed in recent months, enterprise leaders grappled to fit the emerging technology into their innovation plans.
While generative AI investments represent a top priority for executives, concerns remain related to finding measurable value in new technology investments, as well as the cost of deployment, according to PwC data. Executives are mainly worried about potential inaccuracies and associated cybersecurity risks, another study from McKinsey found.
Executives have acutely felt the effects of generative AI due to the speed at which the technology has developed, said Bryan Wise, CIO at 6sense. But, as with any new technology, adoption rates vary.
"You always are going to have your leading edge companies … you're going to have your wait-and-see group and you're going to have the laggards," said Wise.
IT leaders worried about the pace of innovation can find relief in the facts, Wise said.
"You've got to eliminate the fear, uncertainty and doubt, and you really need to go in with the objective data points that you have at your hands to unpack what that fear may be," said Wise.
Top business challenges that hinder innovation can come from different parts of the organization, according to the Miro report. Technologic, organizational and strategic barriers are among the most common factors.
"If you don't embrace the change, you will be a laggard," Wise said. "Because this change is happening with or without you."