New research shows that 95% of enterprises admit their technology innovations fail before launch, and having a chief information security officer (CISO) involved in the process can aid in the success of the overall project.
According to the research commissioned by Kaspersky, many of these innovations don't even make it past the development stage (36%). A lack of cooperation with IT Security departments also increases the likelihood that a project will never be released, Kaspersky states.
The research highlights that Nintendo's Virtual Boy game console that was designed to incorporate VR and the Nike FuelBand fitness tracker are both high profile examples.
Furthermore, as the GE experience showed, a transformation of internal processes doesn't always yield desired results.
However, the failure of already publicly launched projects is just the beginning. According to a Kaspersky study, in which 304 senior decision makers with an involvement in innovation were surveyed, the development stage is considered to be most challenging across the ‘innovation lifecycle'.
This is confirmed by a third (36%) of respondents based on their experience. For most enterprises, the main reason for unsuccessful innovation is the lack of a clear plan and structure in place, with one-fifth (19%) of respondents agreeing with this.
According to Kaspersky, this shows that the ability to execute is as important as coming up with the idea itself, if a business team wishes to transform a valuable insight into a profitable and plausible solution.
Once the roadmap is established, it is also worth regularly reviewing it to keep up with competitor activity, market trends and industry fluctuations, the company states.
Cybersecurity was not listed among the top reasons why projects fail. However, there's a shared belief (74% agree) that by not including a CISO early in the process, enterprises are increasing the likelihood that their innovation will not be successful.
This could be due to an inability to adapt projects to strict cybersecurity rules, with more than half (54%) believing that IT security policy in their company stifles innovation, the research shows.
Kaspersky chief business officer Alexander Moiseev says, “For a business to innovate, it should take risks and be ready to go through some failures in the process as well, as they are inevitable when you are looking into something really new.
"However, there are still some practical steps that can be taken to make sure that an emerging technology or a product reaches its launch. Cybersecurity doesn't have to be another corporate barrier, but it should be on an integral part of the project all long.
"Make sure to keep the CISO in the loop early on when planning the next technological breakthrough for your company.