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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!”
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Copyright for syndicated content belongs to the linked Source : Harvard Business – https://hbr.org/2023/10/what-fast-moving-companies-do-differently
