In our fast-paced world, things change quickly.
Moving too slowly can be all that it takes for competitors to surpass you. To avoid being left behind in the dust, companies need to do whatever it takes to stay relevant. Oftentimes, this means beating the competition by simply moving quickly.
Below, we outline why speed matters and what finance departments can do about it.
1. Speed is our default
We have a constant craving for progress.
From a psychological perspective, our innate “survival of the fittest” drive propels us forward in our search for betterment. According to Psychology Today, “it is an innate biological and psychological force that propels a child from crawling to walking, from dependence to independence, from deference to authority to having a mind of his or her own.”
This same drive applies just as much to the world of business.
O’Reilley put it well in their observation that “human beings live and operate in a constant state of now…the acceleration of technology is simply an effort to catch up to our zero-latency experience of being.”
For businesses, moving fast means always knowing where things stand. Finance departments can tap into this source of value creation by working with the latest numbers. Working with real-time data thanks to DataRails can serve as a huge competitive advantage, especially if you’re an early adopter.
2. Be fast, or your competition will be
Keeping up is a constant chore. You need to keep your foot on the gas at all times to make sure that you’re moving forward and not remaining stagnant. Because if you won’t, you can be sure your competitors will. Best to be quick.
“In a world where everything is moving so rapidly, simply being fast isn’t enough; you have to be faster than anyone and everyone. Accelerate until you’re at the front and move fast to stay there.”
-Jeff Lerner, Owner and CEO of Xurli
3. Stakeholders expect it
People are never satisfied with the status quo. They want more, and they want it now. Companies, including their finance departments, must work to gratify the growing appetites of all stakeholders. Whether they be investors, the Board, or the CEO, people always want growth and advancement. As such, business units should do whatever they can to meet the wants and needs of their stakeholders. Speed is a big part of this.
“It doesn’t matter if you’re a media company, a retail company or a bank — you need to leverage IT to help innovate and evolve your company or it will die. It’s a simple choice, either you’re going to or your competitors will and they’ll crush you in the market.”
– Luke Kanies, Founder and CEO of Puppet Labs
4. Move fast, learn fast, evolve
Moving fast can be incredibly beneficial. The faster you go the more you learn, and the more you learn the more you evolve.
“We’re in the ‘Age of Speed.’ Organizing for speed has become a critical component in today’s consumer market” (McKinsey).
Adapt at speed. If not because you want to, then because you have to
Society rewards speed. While much can be said about the need for speed in our personal lives, there is no question that in business it is a necessity. Finance departments should acknowledge this fact, and act accordingly.
