Competing Against Time

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Today, time is a crucial strategic asset, equating to money, productivity, quality, and innovation, argue George Stalk, Jr., and Thomas M. Hout. Based on a decade of research, the authors assert that effective time management in production, product development, and sales is a key source of competitive advantage. They provide detailed examples from companies like Federal Express, Ford, and Toyota, illustrating how reducing elapsed time can determine success or failure. Time-based companies meet customer demands swiftly, offering diverse products at lower costs and faster delivery than their competitors. The authors challenge long-held beliefs about costs and customer behavior, revealing that reducing lead times often lowers costs, while increased investment in quality and product variety can enhance profitability. They demonstrate that improved responsiveness leads to a surge in customer demand, propelling time-sensitive companies into lucrative market segments. Stalk and Hout argue that time consumption is quantifiable and manageable, positioning it as the fourth dimension of competitiveness. Modern companies leverage flexible manufacturing and rapid-response systems, prioritizing R&D and innovation. By minimizing delays, they attract profitable customers. The authors conclude that nearly all businesses can harness time as a competitive weapon, detailing processes for becoming a time-based competitor and sustaining advantag