Manage episode 156770725 series 1200059
Join BearingPoint Director Matthew O’Mara to explore speed to market and why it’s such a hot topic in today’s insurance industry. With many clients not fully understanding what it is and why it is needed, speed to market, as the term implies, refers to a company’s ability to develop and introduce products to the market quickly.
For a company to capture the potential offered by speed to market as a competitive capability, they must be aware of the new and updated products being offered in the marketplace. This means that you can not only respond to the demands, you need to anticipate them by continually developing and testing new products and services. A company’s ability to develop and offer new products quickly is the key to satisfying the needs and demands of the marketplace.
Speed to market can deliver improved competitive capability to a company if it is done correctly. Involving the right people, systems and processes to identify where, what and how to change is critical. Although it is not easy or necessarily fast to do, improving speed to market at a company can generate great benefits to its bottom line, market image and competitive abilities.