Why IT Speed Is Essential to Business Success

Why IT Speed Is Essential to Business Success

Why IT Speed Is Essential to Business SuccessWhy 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.

Accelerated PaceAccelerated 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.

Delayed ReactionDelayed Reaction

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

Fumbled BallFumbled 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.

Need for Speed, Part INeed 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.

Need for Speed, Part IINeed 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.

Tough ChoiceTough Choice

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

Big GambleBig Gamble

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

Best Practices: Assign the Best PeopleBest 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.

Best Practices: Bring in IT EarlyBest 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.

Best Practices: Plan for 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.

Dennis McCafferty
Dennis McCafferty
Dennis McCafferty is a contributor to CIO Insight. He covers topics such as IT leadership, IT strategy, collaboration, and IT for businesses.

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