How Can Failures Fuel Learning? - InnoLead

Innovation failure is inevitable, but companies can learn from it to determine the value created from every failure. , CEO of Planbox, suggests that innovation should be viewed as a perpetual pursuit of learning. Through five lenses, companies can assess the value created from every failure and use it as a learning opportunity to upgrade a failing grade to a satisfactory one. These five lenses include learning and sharing, experimenting and execution, future innovation value, customer churn, and employee well-being. Communicating lessons learned from a failure will help organizations find optimal solutions, refine agility, recover from failures, identify new opportunities, and establish long-lasting relationships with customers.