In my blog post yesterday, I wrote about the keys to speed and how some organizations are able to operate faster than others. You can read the post here.
Today, I want to talk about why it is important to increase the speed of your organization.
Here are the benefits of increasing your enterprise velocity, which will in turn help you create a competitive advantage:
- You get new products and services to market faster
- You increase the productivity of your employees and allow them to work on more value-added activities (or improve their life balance by leaving the office earlier or not working weekends)
- You acquire new customers faster
- You realize additional revenue sooner by creating loyal customers and brand ambassadors more rapidly
- You attract dynamic and strong talent
- You are able to tweak or change business models faster than the competition
- You resolve customer service issues quickly
- You have stronger relationships with suppliers and business partners
- You reduce costs
- You make decisions faster
- You reduce lead times and delivery times
All of these benefits have a direct or indirect positive impact on your company's profits, so why wouldn't you try to increase the speed at which you operate?