How to Build Velocity in Business

The advantages of business in digital transformation era is business ability to move from one state to another state. Building velocity is about reducing the time that is needed to make decision, exploiting opportunities that are emerges, increasing working tempo by actively responding to new condition. The entity that is able to build velocity quicker than other would have better advantage in the competition.

Here is how your organization could improve in building velocity:

Encourage Growth Mindsets

A growth mindset would embrace failure rather than viewing it as prove of unintelligence thus a person would grow themselves by learning from failure and improve their existing talent.

Stop Waterfall Development

Linear, unadaptable, have been the process that is used for a long period of time. The problem with waterfall development is progression could not been made because once a product is developed there is no way to return. The waterfall methodologies progress extensive and lengthy requirement and analysis process, through detailed design and build stages, then testing before the product release to the public. This way of working is not going to be able to compete in a swift change of external environment where your competition will always adapt and keep their product updated through recognizing failures after it releases.

Agile methods

The agile methodologies are the answer to the linearity of waterfall development method. Agile methods focuses on learning, quality, transparency, constant results sharing, working in short time or known as sprinting, and daily stand up meets known as scrums, creating cross functional team that has autonomy. The agile method will create the ability for an organization to adapt quickly to the current trends that keeps evolving rapidly.

Lean Methods

This process was inspired by Toyota Production System (TPS) that recognized ‘seven wastes’ such as inventory (process minimization) or overproduction (production begin ahead of demand). Therefore lean methodology will only bring necessary inputs that are needed and determine imperfections in output as early as possible in the initial process to minimize correction time.

Continuous Innovation

Time and space for employees to create innovation on regular basis in important in building velocity as this process require an organization to embrace failure and making them grow from it. Granting prizes or research grant become one of the motivation that should be created, this should not be a one-off events but this should be a part of the culture.

Conclusion

An organization that understands digital transformation should starts building velocity as a mean to thrive in the disruptive era. Within the context of velocity building, being agile and leaving waterfall method is important to create a continuous innovation in order to compete with the ever evolving trend.

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References

Neil Perkin & Peter Abraham (2017). The Agile Business Through Digital Transformation. Kogan Page (2017)