"Path based" approach for IT development

Interesting piece here at HBR from Staats and Upton about what they call a "path based" approach to IT system development:

Through our work, we have identified an approach that not only reduces a company’s costs but supports the growth of existing businesses and the launch of new ones. We call it a “path based” approach, because rather than attempting to define all of the specifications for a system before the project is launched, companies focus on providing a path for the system to be developed over time. The approach’s premises are that it is difficult and costly to map out all requirements before a project starts because people often cannot specify everything they’ll need beforehand. Also, unanticipated needs almost always arise once a system is in operation. And persuading people to use and “own” the system after it is up and running is much easier said than done.