Faster: Quicker and More Agile
Speed is important for two main reasons:
Speed in serving a stakeholder (internal or external customer) is always a priority and can often be a differentiator. Speed at any cost is not desirable, and I’m not advocating for quality tradeoffs to achieve it. But all things being equal, speed—specifically, being faster than the competition —is a good thing!
Quick feedback is critical to the learning cycle and fine-tuning our knowledge. The faster and more relevant the feedback is on key decisions, the better decisions will become. If a decision isn’t achieving the desired outcome, speed allows the company to change course so it can mitigate any damage or improve the odds of success. Quick feedback is the internal capability that together with being Smarter, will let you serve stakeholders better.
A prerequisite of speed is automation (which is one of the two main benefits an ERP delivers). An ERP achieves automation because it captures best practice rules (knowledge about the system) for the key processes that can and should be automated. The embedded feedback loops inherent in a well-designed system also enable it to provide rapid feedback and exception alerts, which makes the business more agile when it comes to course corrections.