Innovation is considered essential to improving customer experience and expanding revenue streams, but the vast majority of new products hit serious roadblocks ahead of launch.
This is according to a new report from Kaspersky, which claims that, while the failure of high-profile projects gets all the limelight, most projects actually never make it past development stage.
Based on a poll of 304 senior decision makers, the report found that the development stage is considered to be the most challenging (36 percent) in the entire innovation lifecycle.
Digging deeper to uncover the reasons behind failures, Kaspersky claims the most significant factor is the lack of a clear plan and structure. While the idea itself is important, the report states, it is equally important to be able to execute it properly.
“Once the roadmap is established, it is also worth regularly reviewing it to keep up with competitor activity, market trends and industry fluctuations," the report states.
Even though cybersecurity isn't listed as one of the main reasons for the project failure, the majority of the respondents agree CISOs should be included as early in the process as possible, especially with cybersecurity rules becoming stricter by the day.
“For a business to innovate, it should take risks and be ready to go through some failures in the process as well, as they are inevitable when you are looking into something really new,” said Alexander Moiseev, Chief Business Officer at Kaspersky.
“However, there are still some practical steps that can be taken to make sure that an emerging technology or a product reaches its launch. Cybersecurity doesn’t have to be another corporate barrier, but it should be on an integral part of the project all long. Make sure to keep the CISO in the loop early on when planning the next technological breakthrough for your company.”