This article illustrates the importance of speed in modern business competition. Speed has become a key competitive weapon to most of companies. Smart companies are those that can accelerate the rate of producing new products and new businesses. This article use Virgin company’s success in various fields, such as, comics, music, megastores, airlines, mobile phones, credit cards, bikes to illustrate that speed and technology are the key for the success. Innovation has become more and more important. And only those companies who innovate faster can have more opportunities. At the end of the article, the author summarizes that the practices is the best way for making the journey from concept to market. So taking risk and innovating faster - is necessary for nowadays companies. The ideal pattern for practicing is as follow: the Create new ideas to your advantage, then make sure the launch team are flexible and not limited by unwritten rules, left the tasks to experts and evaluate the result. If the result is good enough then repeat this pattern to keep on accumulating advantage.
Author introduces us an important aspect that we need to consider about when we run a business. It’s that the speed is becoming the key competitive weapon to most of companies due to the fast-changing market. So accelerating the speed of innovation is necessary for a company to survive in the hyper-competitive market. What’s more, the author provides us many cases to learn how to practice it in the reality.
It is important for any company to effectively manage Information System four most important inter-connected components i.e. People, Structure, Technology and Process in fulfilling organizational processing needs, improve efficiency and effectiveness with reducing cost and achieve its goal to deliver value to its customers.
I agree that speed dose matter in competitive society, especially in the smart phone and tablet