The mounting pressure of driving innovation in their organization are making CIOs buckle at times. Theranos CEO Elizebeth Holmes and Ramesh Balwani overpromised and raised $700 million from the market. However, they could not deliver. In this article at the Enterprisers Project, Stephanie Overby discusses 4 things that CIOs should never do to drive innovation.
Wall Street Journal reporter John Carreyrou narrates the story of Theranos. This company falsely promised a new technology to the blood-testing sector. The journalist narrates the falsities the company owners employed to deceive the investors and stakeholders. Drawing on the example of the Theranos incident, following are the things you must never do to drive innovation:
- You Cannot Innovate Aggressively: Nowadays, everyone expects digitization efforts to develop aggressively. However, it is an evolutionary process and you must accept that. It is better to grow incrementally with firm steps than roll down the high hill of expectations.
- Set Realistic Expectations: Though CIOs are urged to bring about disruption in the industry, they must plant their expectations realistically. Do not go overboard. The stakeholders would appreciate you exceeding expected outcomes rather than struggling to meet them.
- Do Not Be Biased Beforehand: As a CIO, you want your digitization effort to succeed. However, do not go about conducting things with a biased opinion in your mind. You will not be able to see things objectively. Discuss with your team members, senior managers, and end users before concluding.
- Build a Culture of Innovation: If you want to drive innovation, you must create a culture for it. Everyone should be allowed to share opinions, irrespective of that being a criticism or praise. The culture should allow free thoughts to flourish rather than the fear of hierarchy and backlash to dominate.
To view the original article in full, visit the following link: https://enterprisersproject.com/article/2018/8/bad-blood-4-lessons-theranos-it-leaders