Remember the story of the tortoise and the hare? “Slow and steady wins the race”? Econ 101 lectures about economies of scale? Business truisms like “Nobody ever got fired for buying…” (insert any large, established vendor name here)?
Such nuggets of business wisdom seem to no longer apply. Today, in the words of author Jason Jennings, “It’s not the big that eat the small, it’s the fast that eat the slow.” Competitive advantage comes from reworking business processes and service delivery models to improve speed not by 10% or even 100%, but by multiples. Consider:
- According to a recent Financial Times story by Lisa Pollack, “A Berlin company, founded in 2013, built an online service that allows new customers to open a bank account in under eight minutes…The company, Number26, has signed up more than 30,000 customers after launching what it deems ‘Europe’s most modern bank account’ in January.”