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
1
Hone a long-term vision that will provide context for short-term actions
Not even the largest or the most resilient organization can constantly outrun, outsmart, and outperform. So, trying to keep up with the new and the next is somewhat futile. Instead, if leaders invest time in articulating a clear long-term vision, it stands to offer clarity and direction should things get chaotic.
2
Commit to transformation through the right digital capabilities
A long-term vision does not mean that companies should rigidly follow a game plan and never pivot. The job is to know where and how to allow small-scale changes and micro-shifts, informed by data and digital maturity. For this scenario to tangibly deliver results, access to the right tools and technological architecture is indispensable; this is where velocity is rooted, ready to be strategically harnessed.
3
Adopt and reinforce an agile-at-scale approach
Organizations are now well versed with agile innovation and most are on the move when it comes to adopting agile ways of working. However, its validity has somewhat heightened because of how complex our daily lives have become in the past two years due to the pandemic. With a new level of seriousness and commitment, companies seek to move more quickly, empower their employees, and adopt customer-centricity. Agility can quickly redirect people and priorities toward more value-creating opportunities; that’s why it is a prerequisite in today’s transformative landscape.
4
Prioritize gaining deep insight on customer needs, even unarticulated ones
It’s great to know who your competitors are and what products are out there in the market but use your discernment when it comes to letting that information affect your response. Often, anxious to counter competition, companies slash prices and launch products without envisioning the entire customer journey outside-in, and fall into pitfalls, spending millions of dollars on creating another version of something that already exists in the market.
5
Establish a culture that promotes experimenting with new ideas
Instead of reacting to competition, if companies focus on delivering an optimal customer experience and nurture customer-centricity, they can close the loop and pioneer new frontiers with less competition, gaining definitive competitive advantage. Strive to provide a safe environment for employees to experiment and drive innovation through engagement. If creating brand new ideas are not promoted, it is only logical that people will make incremental changes to existing offerings.
