Why IT Speed Is Essential to Business Success

By Dennis McCafferty  |  Posted 04-28-2016 Email

Business and tech executives said the swift pace of business and tech changes will only continue to increase for the foreseeable future—and that their organization responds too slowly to these shifts, according to a recently released survey from CEB. The resulting report, titled "Executive Guidance for 2016: Accelerating Corporate Clock Speed," indicates that there's plenty of blame to go around for these delays, as "handoff breakdowns" occur within IT, business, finance, legal and outside vendors and third parties. Such snags need to be overcome, lest companies fall behind in entering new markets, keeping up with new competitors and addressing regulatory requirements. "Enterprises must move faster to stay competitive and to manage emerging risks, and technology is increasingly the rate-determining factor,'' according to the report. "To ensure that technology clock speed accelerates rather than inhibits corporate speed, business leaders must create faster, more streamlined handoffs between all the groups involved in delivering new technologies. They need to streamline processes and methodologies so that most technologies are fast-tracked while the few that are risky or expensive get the scrutiny they deserve … These actions cannot be left to the CIO or to technology vendors and consultants. All members of the leadership team must recognize how their decisions and demands influence speed." More than 3,260 global executives took part in the research. The report includes additional research from MIT Sloan Management Review and other publications and organizations, and we've included some of those findings here.

Dennis McCafferty is a freelance writer for Baseline Magazine.


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