Finding Opportunities within Hype
Companies and nations rely on innovation to improve productivity and fuel economic growth. But adopting key innovations in times of recession and uncertainty and defending those become critical.
Along with the viability and maturity of the solution, it is also significant to consider the organization’s risk management capabilities to make a good decision about when to adopt an innovation. The constant barrage of positive and negative hype, the peaks and troughs of hype cycles for every innovation pressure organizations to respond unwisely by adopting too early or too late and giving up too or hanging on too long.
“The hype cycle is a particularly useful management decision tool when organizations are entering a downturn. The goal is to be selectively aggressive in adopting innovations that could cut costs - which can be deceptively difficult to achieve when everyone around you becomes risk averse.” said, Mark Raskino, vice president and Gartner Fellow.
It is important to understand to examine the opportunities that arise from the inevitability of the hype cycle as well as the traps that can snare unwary adopters.
The first set of opportunities comes from timing your adoption of each innovation with precision to optimize the amount of value you can derive. It gives you the longest lifetime value at an acceptable level of risk.
The second type of opportunity lies in harnessing the energy of the hype cycle in the broader marketplace by taking advantage of the needs and actions of other players. You can avoid the monetary risks of adopting too early or too late and giving up too soon, and the costs of adopting too late or hanging on too long.
Gartner has developed the STREET (scope, track, rank, evaluate, evangelize, and transfer) framework to help IT organizations focus on innovation on their business objectives, generating ideas and selecting the best ideas for implementation. This includes
*Scope: Decide what your company values and determine its risk management capabilities
*Track: Seek out relevant innovations and track their progress along the hype cycle
*Rank: Identify innovations that fit your risk profile and most likely to bring significant benefits to your organization within a timeframe
*Evaluate: Use research, prototypes, and pilots to understand the benefits, costs, and risks associated with innovation adoption and make strategic decisions accordingly.
*Evangelize: Rally support for the chosen innovation with key players who can help champion the innovation and ensure its operational success
*Transfer: Spark the enthusiasm and sense of ownership required for the innovation to take hold
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