The last decade has seen an explosion in technologies with tremendous potential impact on a business. From internet-connected devices to the algorithms that can make sense of the mountains of data those devices produce, there’s never been a more exciting, compelling and confusing time to invest in innovation.
When deciding how to prioritize projects, especially with so many wonderful options available, it’s important to use a framework that helps you make apples-to-apples comparisons. This framework should provide an objective means of evaluating relative priorities (especially when people try to push pet projects they’re more attached to emotionally than rationally) and communicate organizational goals clearly and effectively.
If you’re in a high-reliability industry with a heavy process-oriented focus, one of the most useful frameworks you can use has to do with operational risk. You know you’re a good candidate for this when the answer to “What’s the worst that can happen when something goes wrong?” is one of the following:
• Somebody gets hurt or worse.
• I don’t create the thing that brings me revenue.
• I’m fined or lose my license to operate.
• Social…
