What is speed in business or university institution? Speed in business refers to

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What is speed in business or university institution?

Speed in business refers to the ability of the business to change direction, course correct or cease an opportunity as soon as it arises. In today’s fast paced business environment, there are multiple factors that affect a business and the speed at which they change is also phenomenal. Every business needs to have the agility to incorporate the changes as needed to cease any opportunity or compliance issues that may arise. Eg- Online commerce is a new channel which is gaining lot of traction and hence every brick and motar business needs to add this channel of distribution quickly in among its distribution models in order to keep preserve its’ sales and not lose it to competitors who are offering this channel of distribution.

In case of university or institution, speed refers to the ability of the university to modify its courses offered, course structure, lecture schedules, evaluation processes, facility expansion in order to accommodate any changes in the industry or academia. Eg – The next leg of technology innovation would be in data sciences, cloud computing, Artificial intelligence and any engineering university, if it wishes to remain at top, would need to modify their curriculum and teaching mechanism.

Apart from speed, the business or the institution also needs to be thinking ahead of the competition and tracking the leading indicators in order to prepare themselves for the coming change.

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What is speed in business or university institution?

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