Fighting the fear of failure

Jonathan Sharp at Britannic argues that a fear of failing stunts growth and destroys innovation. But rather than rejecting it we should learn how to grow from our failures

The fear of failing haunts us all from an early age, driven by concerns about what others might think and the shame associated with failure. Failing is part of life and presents us with opportunities to learn and grow from our mistakes.

However, in business, failures can come with high stakes such as financial losses, reputational damage and even job security. This fear of failure often prevents people from embarking on new projects or adopting new technologies, as they believe it’s safer to stick with the familiar even though they are prohibiting their opportunities to innovate and remain competitive.

Better the devil you know

Whether it’s the CEO, CIO, or CXO, many leaders recognise the need for new technologies, be it a modern contact centre, AI integration, or automation to enhance customer experience. Yet, they hesitate to make the leap. What’s holding them back? The fear of failure.

Concerns include not getting approval for new tech investments, disrupting existing workflows, and the potential for a failed implementation that could tarnish the company’s reputation and limit career progression. As a result, many stick with the status quo, avoiding the risks associated with new technology, even though this approach can lead to stagnation and missed opportunities for innovation and growth.

According to research by McKinsey & Company, fear of career impact is 3.6 times more prevalent among employees at organisations that are not considered top innovators compared to those that are. This fear leads to hesitation in investing fully in new technology projects, as the potential career risks outweigh the perceived benefits of innovation.

From FOMO to FOF

In the wake of the COVID-19 pandemic, businesses rushed to implement new technologies like Zoom, Microsoft Teams, and various SaaS solutions to adapt to remote work. This rush was driven by a "Fear of Missing Out" (FOMO) on modern workplace trends.

However, these decisions were often made hastily, without strategic planning, or consideration for integration with existing systems. The result was suboptimal utilisation of the new technologies and missed opportunities for meaningful innovation.

The recent explosion in AI technology has brought a new wave of fear, "Fear of Failing" (FOF). Despite the transformative potential of modern technology such as AI, many companies are hesitant to adopt it due to concerns that it might replace jobs, fail to integrate smoothly into their existing operations, or not be embraced by the workforce. Forbes reports that 35% of workers are worried about not having the technical skills needed to use AI effectively, further complicating the adoption process.

Take the leap

Technology is the lifeblood of modern organisations, touching every department from customer service to supply chain management, finance, sales, marketing, and HR. Without continuous technological advancement, a company risks falling behind its competitors. However, the saturated and rapidly changing tech marketplace can make selecting the right technology a daunting task.

McKinsey’s research indicates that employees at leading innovative companies are 11 times more likely to report that their organisations encourage risk-taking and experimentation with new ideas. By working with a consultative partner, businesses can mitigate the risks associated with technology adoption, ensuring that their investments align with strategic goals and are supported by robust implementation plans.

Solution providers reducing the fear

A consultative partner can help reduce the fear of failure by guiding businesses through a well-defined success program. This approach involves understanding the company’s culture, unique needs, existing tech investments, addressing pain points and setting clear objectives. By translating business needs into effective system design, companies can increase their chances of meeting their goals and reaping the benefits of innovation.

Test, test, and test

Developing a proof of concept, or pilot project significantly reduces the risk of failure. This approach allows employees to engage with the new technology, provide feedback, and feel empowered in the adoption process. McKinsey notes that organisations with a strong innovation culture are five times more likely to encourage experimentation, leading to successful outcomes.

Safety in numbers

AI can analyse data quickly, providing insights that highlight issues, reveal patterns, and identify opportunities. Leveraging these insights allows businesses to make informed decisions based on facts, reducing the fear of failure. By partnering with experts to explore the hidden insights in customer interactions, companies can drive growth and transformation with confidence.

Plan to succeed

The adage "If you fail to plan, you plan to fail" rings true, especially in technology adoption. Setting clear success criteria from the outset reduces the risk of failure. A well-structured plan enables businesses to make informed decisions, knowing they are on the right path to achieving clear, measurable results, which can serve as the north star for reviews, design, and back-end validation that the outcomes have indeed been delivered.

Change in culture and management

Creating a transparent and innovative culture is essential for fostering technological adoption. Encouraging employees to share ideas and take risks without fear of criticism is crucial. This approach helps transition from a fixed mindset to a growth mindset, where failure is seen as a learning opportunity rather than a setback.

Taste of success

AI’s transformative capabilities offer exciting possibilities for business acceleration. Instead of fearing AI, businesses should embrace its potential. With the guidance of a trusted consultative partner, companies can navigate the complexities of new technology with confidence, leveraging data insights to make intelligent, fact-based decisions.

Remember, technology adoption is an evolutionary process, and as Winston Churchill famously said, “Success is not final, failure is not fatal: it is the courage to continue that counts.” 

Jonathan Sharp is CEO at Britannic

Main image courtesy of iStockPhoto.com and PeopleImages