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What Fast-Moving Companies

Do Differently

Summary. Lack of speed has been troubling companies for decades. The difference is that, today, with everything moving so much faster, a lack of speed can mean more than just a few missed opportunities — it can put companies in a very precarious position, especially those in markets where they face competitors that can sense and respond far more quickly. Slow-moving companies increasingly will find themselves fighting for relevance or, in some cases, pure survival — and leaders know it.

Companies that recognize the competitive advantage of speed do four things differently: 

 

1) They rely on data (and know how to make sense of it); 2) They empower localized decision-making; 3) They reward speed over perfection; and 4) They create powerful ecosystems around the seamless exchange of data.

“I feel the need…
      the need for speed!”

This iconic line sets the tone for the original Top Gun movie, but it just as well could be the mantra for today’s chief executive officers. CEOs everywhere find their organizations struggling to keep up with the quickening pace of change in everything — from customer expectations to business concepts to societal trends — and it’s preventing companies from truly maximizing value.

Primarily driven by technology, especially mobile and social, ideas now propagate throughout the world with lightning speed.

Companies that can’t respond fast enough are increasingly at risk of being marginalized. This is especially true when it comes to those that can’t quickly get an offering to market that meets a new need. They are forced to watch customers and revenue pass them by.

But speed is critical to not just proactively capitalizing on revenue- or market share–generating opportunities. It’s equally vital to “playing defense” — reacting early to minimize potential damage from developments that could have a negative impact on the business.

Speed has now become a true strategic advantage. And it’s a critical driver of the resilience companies today are working hard to build.

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Impacting Companies… Changing Lives!SM

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