Why IT Speed Is Essential to Business Success

Why IT Speed Is Essential to Business Success

IT speed is necessary to respond to new competitors and to enter new markets—in addition to launching new products and services.

70% of global execs said the rate of business/tech change has increased and that they expect this increase to continue for the next three years.

63% said their organization responds too slowly to tech opportunities.

59% said “handoff breakdowns” in attempting to deliver a new tech capability occur within business, finance, legal and/or external parties, while 41% said this happens within the IT department.

84% said IT speed is needed to help their organization comply with new laws and regulations, and 80% said IT speed plays a critical role in responding to changes in demand.

79% said IT speed is required to respond to new types of competitors, and 77% said it’s needed to enter new markets as well as launch new products/services.

48% said they’d be willing to compromise on cost, quality or functionality for greater speed.

81% said their organization lacks a formal statement defining its risk appetite.

To “get things done” quickly, make sure “speed” roles are assigned to highly capable and accountable people—and give them authority to make fast decisions.

Some stakeholders hesitate to bring in IT to avoid having their proposal “locked down” due to perceived tech issues. But looping IT in early will ultimately save time later.

Don’t simply work fast to implement a new technology—work fast to implement a new technology that will create instant and measurable value.