BUSINESS heads in the north are leading the way when it comes to embracing the “fast fail” culture in an effort to make their companies as innovative as possible, a global outlook says.
The Northern Ireland edition of the KPMG Global CEO outlook found that the majority of the local leaders it surveyed want their employees to feel empowered to innovate without worrying about negative consequences if the initiative fails, higher than the result returned from their global peers.
And that culture is also more embedded in Northern Ireland, with most chief executives surveyed reporting that their companies have a culture in which “fast-failing” unsuccessful innovation initiatives are celebrated, significantly higher than the global survey.
John Hansen, partner in charge of KPMG Northern Ireland, said: “Successful CEOs know they need their companies to be as innovative as possible and it’s clear that the right environment is being created here to do just that.
"Our leaders aren’t afraid to give their teams the scope to try new ideas which may have a risk of failure and that opens up a world of potential. This level of freedom will no doubt make sure that Northern Ireland companies are at the cutting edge of innovation in the years to come.”
The survey also revealed a group of Northern Ireland leaders exploring new markets, tackling disruption head on and ensuring their businesses are resilient enough to deal with cyber threat by investing in technology and talent.
Angela McGowan, chief executive of CBI Northern Ireland, who wrote a foreword in the publication said: “KPMG’s latest outlook gives local business leaders some great insights into what is on the radar for chief executives across the globe and raises some important and interesting ideas around what they should doing to maintain competitive advantage despite the uncertainty.”
Among the key findings, a majority of Northern Ireland CEOs (72 per cent) believe a strong cyber strategy is critical to build trust with key stakeholders, though when it comes to automation, only a tiny fraction of bosses have implemented artificial intelligence in automating some of their processes.
The report also revealed that leaders in the north continue to lead the way when it comes to disruption. Most (84 per cent) said they are actively disrupting the sectors within which they operate, rather than waiting to be disrupted, compared to less than two thirds (62 per cent) on a global basis.
