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Menteora recommends turning failure into profit:
Why is it so hard for mature companies to grow? One of the main underlying reasons is the fear of failure. Indeed, according to 31 percent of respondents to a 2015 Boston Consulting Group survey, the biggest obstacle to innovative work is the desire to avoid making mistakes. CEOs know this well. For one thing, they understand that failure can be beneficial. As William McKnight, chairman of 3M, once said, "The brave ones work best and best ... Mistakes are necessary." Pixar president Ed Catmull says, "You don't have to think of mistakes as inevitable evil. Or evil at all. Mistakes are the inevitable consequence of trying to do something new ... and a valuable experience."

THE BACKGROUND IDEA

Problem. Managers know that work on innovation, without which growth is impossible, comes with failures; mistakes should be tolerated and readily accepted, but most still avoid them at all costs. Solution. Make losses more acceptable by increasing their impact: carefully analyze and document the benefits of failed projects, including knowledge gained about customers, markets, teams, and specific employees, development trends, and the company structure, processes, and culture. Value Added To maximize.
On the other hand, budgeting, resource allocation, and risk control are aimed at predictability and good economic results - and top managers are believed to be able to guarantee them. Even knowing that failure is necessary and desirable, people do everything to avoid it.
One must learn from failures, measure their utility, and gain as much benefit from them as possible. In calculating the utility, or profitability, of failure, the denominator should be the resources spent on it. Profitability will be higher if you reduce the denominator by reducing investment. Or gradually invest the money in installments as the major unknowns become clearer. In the numerator are the "assets" of the experience gained: information about customers and markets, the company, its team, and business processes. Increasing these "assets" can also increase the utility of failure.
Having studied group and organizational dynamics for more than a decade and having worked with more than 50 companies from various industries, we have found that increasing the profitability of failure depends on the team's mood and not only by increasing the numerator but also by decreasing the denominator. Some failures quickly provide market insights that bode well for the company's meaningful competitive advantage. Others give lessons of a more abstract nature, valid for the professional development of employees and the organization as a whole. Three rules should be followed for the profitability of mistakes to grow. First, you can go ahead and study each failed project and get the most instructive things out of it. Then they generalize their findings and explain them to the whole organization. Finally - based on a detailed analysis prove that the company tolerates mistakes and thus contributes to their highest cost-effectiveness.

Rule #1. Learn from every mistake.

First, you have to teach people to think about every failed project. This is not easy: dealing with past mistakes is tricky and unpleasant.
Many people would instead look only into the future than look back.
Any failure in plans is an opportunity to test and adjust initial assumptions. Our advice is to write down everything you learned from the project in these categories: customer and market dynamics; organizational strategy, culture, and processes; yourself and your team; and future trends. All of these "assets" will go into the numerator. It would be best to list all the costs: money and time spent on the project, moral damage, reputational damage, and internal indirect expenses - say, the distraction of management from other tasks. Here, for example, is how this method was applied in a British daily newspaper. A few years ago, the publisher's CEO asked a young, capable editor and marketing and design experts to develop a new small-format newspaper layout and test it on readers.
The experiment led to two important discoveries. First, no matter what people said in the surveys, they preferred traditional broadband newspapers - or their digital counterparts. Second, a small assembled team was needed to develop new formats. But the main lesson was the "human" lesson. The young editor in charge of the project decided he was failing the assignment and left the company. The CEO could only put it in the fraction denominator, but he understood why the strong employee left, so he also increased the numerator.
"The editor," says the general manager, "thought he was piloting a new publication, and if it didn't make a splash, it would be a failure. For me, it was just an experiment-it was to test my hypothesis. I now realize that I did not explain what I expected of him well.
The publishing house manager took the blame for the employee's departure. Now, he tries to speak more openly to his subordinates and encourages a willingness to experiment in the team.
The second example is a "major-league" consulting firm from which a less prestigious competitor snatched a tidbit of a state contract. It was a powerful, unforeseen blow. But the long reflection and discussion benefited everyone involved in the tender. It became clear that the criteria for selecting the contractor differed from those believed in the firm, that the competitor understood better what the customer wanted and interacted closely with government officials when placing the bid.
Other discoveries were made in the course of the discussion. The firm needed to understand the criteria because it was sure of winning and was guessing more than trying to determine the customer's requirements. Believing that the firm's high-profile name spoke for itself, the bid team didn't call the best consultants to help. "Let's be honest: We took the project far less seriously than the competition - and we lost," said one of the firm's executives.
In other words, the main benefit of the failure was the realization that the firm should treat orders differently. If people can discuss projects this way, the discussion yields impressive results. Employees discuss what happened and draw conclusions; they understand how mistakes can help them in the future and what important insights the experience of failed promises.

CALCULATE THE PROFITABILITY OF FAILURE

Even a failed project can benefit an organization if it is carefully studied and important lessons learned. To get a complete picture of the benefits and losses of a failed project, please answer a few questions.
Assets

1. What have we learned about your customers' and markets' needs and preferences? Should the company change its thinking about them?
2. What have we learned about future trends? How can we adjust our projections?
3. What have we learned about how we work as a team? Are our internal processes, structures, and culture effective?
4. What new skills have we learned - individually and as a team? Did the project help build trust and improve the atmosphere in the group? Did it reveal any development needs?

Passives.

1. What direct losses - material, labor, production - did the project lead to?
2. Are there any moral damages? Was there a blow to the company's reputation and competitiveness in the market or the eyes of customers?
3. What are the internal costs? Has the failure undermined team morale? Did other projects suffer because all eyes were on the failed project? Were there other unintended consequences?
4. Bottom line

What lessons did the business learn from the bottom line?
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Learn More: https://www.worldmagzine.com/artificial-intelligence/performance-of-ai-in-the-education-and-the-smart-classrooms/