Failures- Differentiation and learning

Failure can be a building block for success. This is one of the most uplifting quote that we can come across. However, it is very important to distinguish between a good failure and a bad failure. 

Preventable failures in predictable operations can be considered bad. This only points to the lack of preparation. This is easy to identify and that is the good news. However, it is very important to conduct a thorough investigation and make sure that this mistake does not happen. Training could be one of the ways to make sure that the execution machinery is well tuned.

Second type of failure is the unavoidable failures in complex systems. This is primarily from unpredictable events due to unforeseen combinations of people, processes and technologies. Here, resiliency is key factor that differentiates winners from losers. Resiliency can be brought in through agility in the system.

The third type is the intelligent failure at the frontier.  These are the learning opportunities and needs careful deliberation and recalibration. Best thing is to fail fast, learn quickly and make amends swiftly. This usually happens when new products are being launched or new markets are being tapped.