Rapid feedback improves processes. The longer it takes to gain feedback, the longer it takes to improve. Agile development uses this axiom to advantage. Additionally, faster to market usually offers a competitive advantage. Combining the two can raise the bar and achieve a competitive edge.
Recently in Forbes Bryan Stockton, the CEO of Mattel, was quoted as saying: “We go from ideas to cash in about 18 months.” Commendable and competitive. Well at least it was.
We have been working with a toy company (which does not directly compete with Mattel), which also went from ideas to cash in 18 months. However, their CEO felt that while this was competitive it did not give them an advantage. Faster to market would give his company more rapid feedback on their toys’ market acceptance and a competitive edge.
He asked the team to try to hit 90 days. Talk about raising the bar!
Using proven process improvement techniques, they are going to achieve it sooner than later. (Heck, even if they only hit six months, they would be three cycles faster than their competitors.)
Competitive advantage comes from doing valuable things better and faster than your competition. Faster can lead to better … if you use feedback properly.
Mitch
