How to be faster than competitors?

To be faster than competitors, focus on the concept of "competing against time." This entails delivering to customers what they want, when they want it, and where they want it faster than your rivals. Here's how you can achieve this:

1. Customer-Centric Speed: Start with understanding customer needs and deliver faster than competitors. Speed should be aligned with customer satisfaction.
2. Managing Time as a Resource: Treat time as a variable that can be managed alongside cost and quality. This introduces new efficiencies often overlooked when time isn't considered.
3. Enhance Efficiency: Faster operations usually lead to higher productivity and lower costs. A factory that operates twice as fast as another typically has quicker capital turnover and better productivity.
4. Quality and Speed Link: High speed often uncovers quality issues. Quality problems result in rework, which consumes time, so improving quality can inherently increase speed.
5. Integrated Approach: Balance time management with cost and quality strategies. For instance, reducing rework and improving processes simultaneously enhances speed and quality.

Implementing these principles can yield benefits like faster working capital turns, higher productivity, and lower costs, ultimately allowing you to outpace your competitors 1.