I read an interesting article the other day that resonated so much I felt it was worth sharing and expanding upon its premise here. The article, originally written by Andrew Dailey of MGI Research, delved into the role of growth and accelerated time-to-revenue in a successful enterprise business.
According to Dailey, there’s a new mantra reverberating in the halls and conference rooms of hungry businesses: accelerated time-to-revenue equals profit and power.
For example, you’re more likely to say that you put music on your “iPod” not your “mp3 player.” And if you ask a colleague to split an Uber to the office, you’re not met with a blank stare.
Apple and Uber are giants today because they recognized the importance of speed and agility in their go-to-market strategies. As a result, they leap frogged their competition and quickly gained a huge percentage of the market share.
Here are 3 major reasons to include accelerating time-to-revenue in your business strategy and plan, according to Dailey:
Wall Street and investors reward companies with high-growth numbers. Companies that demonstrate speed and agility are showered with high valuations and newsworthy coverage, both of which significantly impact your opportunity for increased revenue. At only five-years-old, Uber’s most recently valuation is a whopping $41 billion – with sales growing more than 40% a quarter and revenue doubling every six months.
They say second place is the first loser, an adage fitting for business today. Does the name Microsoft Zune even sound familiar? Microsoft released the iPod competitor in 2009, eight years after the first iPod was introduced to consumers. By that time, iPod had claimed so much of the market that any other product was laughable. If you want to beat, or even compete, with a rival business or product, agility is key to gaining the competitive advantage.
Market opportunities are fleeting and can vanish before you’ve made your move. Decrease your time-to-market so you can quickly mobilize and deliver innovative products or services in that window of opportunity when it arises. Reduce your time-to-market by embracing new technology offered through cloud computing, big data, etc.
Despite the opportunities and benefits an accelerated time-to-market provides a business, majority of enterprise applications are still living as they did in the 1990s. Success today depends on a company’s ability to quickly adapt to the rapidly changing business and consumer environments. An accelerated time-to-market allows your business to stay relevant and successful year after year.
For Dailey’s full article, click here.