Technology is evolving in a fast past and in a tempting way for implementation which might increase the risk of failure. First, you must evaluate your need for such innovation and complete an ROI study to select a technology that can show clear tangible benefits without inflating cost. The innovation should be aligned with the company’s strategic objectives. Secondly, you need to assess the maturity of the new technology and its readiness for implementation to avoid disappointment. Always remember that you need to have to approach it in phases; start with a proof-of-concept pilot project, train your resources and enrich their knowledge, while assessing each step and always measuring cost vs benefits.

To balance innovation and cost-effectiveness within a divided team, I take a structured approach that aligns both priorities with the project's broader objectives. Open dialogue is key—allowing each side to express their rationale ensures a comprehensive understanding of the trade-offs. I rely on data-driven analysis to assess the long-term benefits of innovation against the financial implications of cost-effective measures. By finding solutions that integrate creative advancements with fiscal responsibility, I ensure that we not only meet immediate targets but also lay a foundation for sustainable growth. This approach fosters collaboration while maintaining a clear focus on strategic outcomes.

Innovation can be prototyped in a miniature scale and by delegating the process to upcoming subcontracts to manage financial limitations. Meanwhile, markets which inculcate these innovations are to be targetted with the prototype and let the innovation make history.

Good question but my answer is simple, I would like to go with innovation because it always works for you in long term success yes cost effectiveness also should be there but the main Focus should be in the innovation because it will keep you ahead in the market competition.