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Blink 3 of 8 - The 5 AM Club
by Robin Sharma
Competing Against Time summary
George Stalk
Brief summary
Competing Against Time by George Stalk is a strategic guide that emphasizes the importance of time-based competition. It provides valuable insights on how businesses can use time as a critical weapon to gain an edge in the market.
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Table of Contents
Competing Against Time
Summary of key ideas
Unveiling the Power of Time in Business
In Competing Against Time by George Stalk, the author argues that time is the next frontier in business competition. He introduces the concept of time-based competition, which focuses on the speed and efficiency of an organization's operations. Stalk asserts that companies that master time-based competition can gain a significant edge over their rivals.
To illustrate his point, Stalk shares the example of Honda, a company that revolutionized the motorcycle industry by developing a new product in just six months, half the time it took their competitors. This rapid development allowed Honda to respond quickly to changing market demands and gain a significant market share.
Time-Based Competition in Manufacturing
Stalk then delves into the manufacturing aspect of time-based competition. He discusses the concept of 'lean production', a method pioneered by Toyota, which focuses on reducing waste and improving efficiency. Stalk emphasizes that lean production is not just about cost-cutting, but also about reducing the time it takes to bring a product to market.
He further explains that reducing production time allows companies to be more responsive to customer needs, reduce inventory costs, and improve product quality. Stalk provides examples of companies like Milliken & Company and Deere & Company, which have successfully implemented lean production to improve their competitive position.
Time-Based Competition in Distribution
Shifting his focus to distribution, Stalk highlights the importance of time in this area. He points out that companies can gain a competitive advantage by reducing the time it takes to deliver products to customers. Stalk introduces the concept of 'quick response', a strategy used by companies like Wal-Mart to reduce inventory and improve customer service.
Stalk also discusses the role of information technology in time-based distribution. He argues that companies can use technology to track customer demand, manage inventory, and speed up order processing. By doing so, companies can reduce lead times and improve their competitiveness.
Time-Based Competition in New Product Development
Next, Stalk turns his attention to new product development. He argues that time is a critical factor in this area, as companies need to bring new products to market quickly to stay ahead of the competition. Stalk introduces the concept of 'rapid prototyping', a method used by companies like Sun Microsystems and Harley-Davidson to speed up product development.
Stalk emphasizes that rapid prototyping allows companies to test new ideas quickly and make necessary changes, reducing the time it takes to bring a product to market. He also discusses the importance of cross-functional teams and close collaboration with customers in accelerating product development.
Embracing Time-Based Competition
In the final section of Competing Against Time, Stalk offers practical advice for companies looking to embrace time-based competition. He emphasizes the need for a cultural shift within the organization, with a focus on speed, efficiency, and customer responsiveness. Stalk also stresses the importance of continuous improvement and the willingness to challenge traditional ways of doing business.
In conclusion, Competing Against Time by George Stalk presents a compelling argument for the importance of time in business competition. The book provides valuable insights and practical strategies for companies looking to gain a competitive edge through time-based competition.
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What is Competing Against Time about?
Competing Against Time by George Stalk explores the concept of time-based competition and its impact on business success. The book provides insights into how companies can gain a competitive advantage by minimizing time in various business processes such as production, distribution, and innovation. Stalk offers practical strategies and real-life examples to demonstrate the importance of speed and efficiency in today's fast-paced global economy.
Competing Against Time Review
Competing Against Time (1990) explores how time can be a crucial competitive advantage for businesses. Here's why this book is worth reading:
- Provides insights on how time-based competition can transform the business landscape.
- Offers strategies on how to optimize operations and efficiency to gain a competitive edge.
- Presents real-world case studies that bring the concepts to life, ensuring the book is engaging and practical.
Who should read Competing Against Time?
Managers and executives looking to gain a competitive edge in their industry
Entrepreneurs and business owners striving to optimize their operations
Individuals interested in understanding the impact of time management on business success
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Competing Against Time FAQs
What is the main message of Competing Against Time?
The main message of Competing Against Time is the importance of time as a critical competitive advantage.
How long does it take to read Competing Against Time?
Reading Competing Against Time takes a few hours. The Blinkist summary can be read in about 15 minutes.
Is Competing Against Time a good book? Is it worth reading?
Competing Against Time is a must-read for understanding how time affects competitiveness, offering valuable insights for success.
Who is the author of Competing Against Time?
George Stalk is the author of Competing Against Time.
What to read after Competing Against Time?
If you're wondering what to read next after Competing Against Time, here are some recommendations we suggest:
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- Selling the Invisible by Harry Beckwith
- Start with Why by Simon Sinek
- The No Asshole Rule by Robert I. Sutton
- Good to Great by Jim Collins
- Inspired by Marty Cagan
- The Pyramid Principle by Barbara Minto
- You Can Negotiate Anything by Herb Cohen
- Winning by Jack Welch with Suzy Welch
- Lean In by Sheryl Sandberg