To transform how you do business, you have to transform how you approach projects. The old, sequential waterfall approach to project management needs to be replaced by an agile approach. The key is allowing for iterations that reveal opportunities as projects unfold. That means adopting an end vision that often evolves as the project progresses. For this reason, transformation initiatives can be very unsettling in corporate cultures that have historically had very clear ideas about project milestones and deliverables.
The traditional approach to project management only works if all the requirements are known from the beginning, which isn’t possible when you’re aiming for something that hasn’t been done before. It’s better to adopt an iterative approach to project management that involves refining the product through multiple iterations until requirements are met and a desirable, truly innovative result is achieved.
Innovating means daring to be different and actively working to discover new possibilities. Iterative innovation is the result of executives granting teams more flexibility to explore and experiment with new directions, learn from and make changes based on findings, and then strengthen the resulting experiences. The whole company can then achieve real transformation and become much more competitive.