In our version of the new normal, we must be ready for potential impact because change is the lynchpin of enterprise velocity. In the last couple of years, we have experienced first-hand how companies that were certain they were digitally prepared at the beginning of 2020 were proven wrong. On the one hand, we’ve handheld several initiatives, which would have taken months (if not years) to implement and move to a live state in a matter of days. On the other hand, we’ve witnessed firms that chose to be fence-sitters with scratchy digital capabilities simply die.
We always ask ourselves the question, “In this fast-paced execution environment, how can companies gain competitive advantage and stay in line with changing scenarios?”
Digital capability is often synonymous with speed. However, if these capabilities are applied without direction, speed is delivered without moving the needle. That’s why we think about transformation in terms of velocity; moving with speed in the right direction.
Speed isn’t everything
A speed versus velocity approach might be constructed as:
Reacting with speed: With speed as a priority, when customers have new circumstances, companies feel pressured to create and commit to new products, services, and solutions fast and partner with an organization that enables this timeline and mindset.
Responding with velocity: Before launching new products, services, or solutions, a velocity-centered approach is required to nail a customer experience strategy and help better prioritize customer needs and outcomes.
Successful velocity implementation depends on combining five principles