Ready, set, go, and keep going: Why speed is key to a successful transformation (with abstract)
Introduction
| Ready, set, go, and keep going: Why speed is key to a successful transformation (with abstract) | |
|---|---|
| Published By | Articles by McKinsey |
| Publish Date | May 4, 2023 |
| Authors | Louisa Greco, Zachary Silverman |
| Topics | Strategy |
| Statistics | |
| Article Size | words |
| Diagrams | Yes |
| Downloadable Version | Yes |
| Reviewers | |
| Page Owner | Nikolay Sidelnikov |
| Summary Author | Nikolay Sidelnikov |
McKinsey explains why the speed of transformation is so important and how the speed impacts the value created due to the transformation initiative.
Article summary
This article illustrates how important speed is when running a transformation initiative. Normally, it’s hard to find anyone in the C-suite who is against the concept of speed. But that doesn’t necessarily translate into an enterprise-wide view.
Using the research-based numbers authors conclude that the most effective companies achieve the large share of transformational value during the first year and the pace goes down later.
Authors highlight, that management shaud focus on keeping transformation pace since the value will gone if transformation goes too slow. For example, they point that companies that take the time in advance to identify the barriers to moving at pace and take action to remove these obstacles are four times more likely than those that don’t to rate their change programs as a success.
The article is quite short, but it contains many facts, numbers, and insights.