Do you know the benefit that your organization can achieve by doing things faster? How can these results be measured?
Speeding up positive business results is something that not enough organizations try to do. We talk about productivity and efficiency, waste elimination, value chain mapping, cost cutting, etc.-but what is the value of speed? Before answering that question, we need to put this in context. Increasing speed is not always what is best for the business. The key to effectively using speed to improve results is knowing when to speed up and when to slow down, as well as having the capabilities to do both. Sometimes that is within your control, and sometimes it is not. Many companies follow arbitrarily developed speed limits without asking how much faster they can go or at what times should they go faster. The key to increasing speed is ensuring that similar, or improved, outcomes are achieved. Speed is no good if it produces an inferior product or service.
What would be the benefit be if you could hire better people faster? What if you could resolve customer service issues more effectively and faster? What if you could identify prospective customers faster without losing the quality of the lead?
These are questions that organizations should be asking themselves on a regular basis and taking steps to answer them. In order to maximize the speed principle, organizations need to prepare for the conditions ahead, remain calm when moving forward and have the discipline to govern themselves to speed up and slow down when appropriate.