The need for speed in the post-COVID-19 era—and how to achieve it
Survey findings confirm that organizational speed is an essential ingredient for outperformance in times of unprecedented change, and point to three ways companies can gain speed for the longer term.
Amid the COVID-19 pandemic, executives and directors say their organizations are making extensive changes with one overriding goal: to increase the speed at which they adjust strategic direction, make and implement tactical decisions, and deploy resources.1 What’s more, survey findings indicate that making a special effort to gain speed pays off. Fast organizations outperform others by a wide margin on a range of outcomes, including profitability, operational resilience, organizational health,2 and growth.
Yet adding speed is not as easy as stepping on an accelerator. The executives we surveyed report that organizational silos, unclear strategy, and slow decision making frequently interfere with attempts to boost the rate at which work gets done. Leaders see three primary opportunities to overcome these challenges: building faster decision-making mechanisms, improving internal communication and collaboration, and increasing the use of technology. In this article, we offer a closer look at the changes organizations have been making to gain speed, and the further moves that might help them pick up the pace.
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Πηγή: mckinsey
