Organizations that figure out how to achieve a best-of-class speed in one or more areas of their enterprise have a big advantage over their industry peers or competitors.
Most organizations and leaders underestimate the power of speed to create focus and to achieve better results.
But taking advantage of this differentiator normally requires tremendous commitment in order to realize real improvements in how fast things get done on a consistent basis.
Speed in decision-making, speed in execution, speed in product development, speed to market, speed in complaint resolution, and speed in response are just a few of the areas where speed can provide more value and build a reputation that distinguishes an organization from its peers.
High levels of speed allow organizations to capture opportunities faster than everyone else. Enterprises that move fast can capitalize on emerging trends and shifts in customer preferences better than others. Fast organizations can launch new ideas more rapidly, fostering a culture of innovation and agility.
The good news is that organizations don’t need to become speedy at everything. By picking one area where they want to invest in creating best-of-class speed, organizations can stand out from the pack.
Look at the advantage the US military enjoys by emphasizing technological speed in its equipment. Consider the example of the SR-71 Blackbird jet, the fastest air-breathing manned aircraft that’s ever flown.
Beyond its unique design, construction, and radar jamming abilities, it was essentially a defenseless aircraft. And yet, it was never hit by the hundreds of missiles fired at it. It was simply too fast.
Some of the best organizations in the world have used speed to dominate their competitors. Well-known companies like Amazon (speed of delivery), Uber (speed to pick up), Apple (speed to market), Lufthansa (speed to dynamic ticket prices), Zara (speed to fashion design), and Walmart (speed to restock products) are just a few examples of organizations that made speed a priority and elevated a faster way to do things.
Over decades, Goldman Sachs built a culture of faster responsiveness both internally and externally, which affords them a unique brand with clients who see the value of their speedy response times.
Outside the military, many leaders don’t think enough about how speed can create a distinct advantage. You don’t need to be a massive company to focus on the advantages of speed. Any organization can make speed in one arena a priority, design ways to achieve world-class speed, and benefit from the superior value that speed offers customers, team members, and stakeholders.
Where can you elevate speed in your organization to create a distinct advantage? In the words of one famous leader, if you don’t have a distinctive brand in the marketplace, you’re likely not going fast enough.
