Risk versus reward is a long-standing part of the business decision-making process. For the most part, companies try to minimize the risk they will need to face as it can lead to a higher failure rate, which is something no executive wants to be tied to. However, being able to embrace risk is the key to strong innovation, which is something IT departments are tasked with.
A recent article from the Harvard Business Review, examined the risk/reward issue and how in recent years, innovation has been stifled because the level "acceptable risk" that IT principals are allowed has narrowed.
"To respond to the volatility, uncertainty, complexity and ambiguity of the business environment today, IT leaders need to address risk differently by looking at it in totality and questioning their assumptions, challenging long-held assertions and recognizing both the analytical fallacies and less-than-perfect cognitive processes they use," the article reads. "Instead of risk = bad, leaders need to understand that today, calculated risk = innovation, meeting marketplace demands, leapfrogging competition and creating true profit."
The first step to this is understanding risk and how it factors into every aspect of a technology adoption plan. From the decision to upgrade through training the team on how to do it, there is risk in every moment. Once that is complete, it is also important to know that as IT principals take more calculated risks, organizations can be more successful.
To handle this strategy, businesses need to make sure they have the right resources in place to handle the risk. VARs and MSPs can help these answer these challenges and VAR Staffing provides the impactful talent solution providers need.