Why IT Speed Is Essential to Business Success

 
 
By Dennis McCafferty  |  Posted 04-28-2016 Email
 
 
 
 
 
 
 
 
 
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    Why IT Speed Is Essential to Business Success
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    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.
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    Accelerated Pace
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    Accelerated Pace

    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.
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    Delayed Reaction
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    Delayed Reaction

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

    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.
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    Need for Speed, Part I
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    Need for Speed, Part I

    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.
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    Need for Speed, Part II
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    Need for Speed, Part II

    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.
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    Tough Choice
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    Tough Choice

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

    81% said their organization lacks a formal statement defining its risk appetite.
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    Best Practices: Assign the Best People
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    Best Practices: Assign the Best People

    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.
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    Best Practices: Bring in IT Early
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    Best Practices: Bring in IT Early

    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.
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    Best Practices: Plan for
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    Best Practices: Plan for "Speed to Value"

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

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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