Reacting with speed is not enough to succeed in today’s business landscape. For speed to be effective, organizations must move in the right direction, according to Zensar Technologies’ Enterprise Velocity, An Executive Survey.
Press Release | 7 Oct 2021
Princeton, NJ, USA, October 07, 2021 : Zensar Technologies, a leading experience engineering and technology solutions company, announced the results of its Enterprise Velocity – An Executive Survey. In Enterprise Velocity, An Executive Survey, 97% of the respondents said that to succeed in today’s business landscape, speed alone is not enough. For speed to be effective, organizations must move in the right direction. Additionally, 71% of the respondents said projects failed when teams were not aligned in the right direction, and 99% agreed that business velocity is a positive driver. Both speed and velocity invoke notions of quickness and agility but velocity advocates that companies invest time in honing a long-term focus, poised to serve as a north star, offering direction and clarity when things get chaotic or confusing. Without this foundation, organizations react and give into tropes and tactics that suit market favorability. Over time, the propensity to act fast with speed negatively impacts engagement and efficiency, and too much is lost in terms of money, time, effort, and energy. To gain insight on whether industry peers, clients, and customers also resonated with the idea of velocity over speed, we conducted this executive survey across the US, UK, and South Africa. Additionally, we wanted to understand how technology can propel adoption and the potential impact it might have on strategy and purpose.
Commenting on the survey findings, Ajay S. Bhutoria, CEO and Managing Director, Zensar, said, “One of the key learnings in recent times for businesses has been about accelerating adoption of everything digital. However, this survey underlines that speed is not synonymous with growth. Businesses need direction rather than just raw speed; the visionary enterprise needs velocity, which translates to speed with a clear direction. Our survey highlights that a combination of people, process, and technology as one seamless eco-system is imperative as a driver for enhancing business growth. These insights are timely as global enterprises look for new learnings and transformational strategies with a long term, clear impact.”
“While the distinction between speed and velocity in the context of business is not immediately evident, this survey report clearly shows that businesses are beginning to understand the value of providing direction to acceleration,” said Abhishek Vanamali, Chief Marketing Officer, Zensar. “It is easy to get consumed with the relentless pursuit of speed and equally easy to confuse knee-jerk reactions with agility. True agility is informed by data-powered insight and is laser-focused on providing customer value. Zensar is a leader in bringing Enterprise Velocity to its customers, and this survey is the industry’s first attempt to decode market opinion about this very new area of thought leadership.”
A successful velocity implementation depends on five levers:
Holding a long-term vision without succumbing to reactionary pressures
Committing to transformation through the right capability and digital maturity
Gaining deep insight on customer needs and meeting them across touchpoints
Establishing a culture, which promotes experimentation with new ideas regularly
Adopting an agile-at-scale approach and embrace change
There is no doubt that companies are shifting stance from a single-minded pursuit of speed to identifying the need for velocity. Next, organizations will have to review key impulses and business goals through the lens of velocity and hone focus on business impact more than big-bang transformations. What is now limited to a sound conceptual understanding will drive business advantage through concrete action.
For more insights on demystifying velocity, read the full report here: https://experience.zensar.com/enterprise-velocity