Source | Linkedin.com | BY:Bruce Broussard, President and CEO at Humana
Time and money. The drive to lower costs and outpace the competition is bigger than ever. No matter what industry you’re in, you feel it. Amazon is doing to retail what Henry Ford did to the buggy industry 120 years ago.
As business leaders, we’ve always prioritized time, financial performance, and quality, which many view as the three primary dimensions of business success. From time-to-market for new products to growth in revenues, businesses are measured by these fundamental results.
Time and money make you sharper; and they challenge us as leaders. Mastering them can make you stand out from the competition. As a leader, you’re out to grow your business and maximize the time spent doing so.
But those two dimensions can only do so much. What happens when prioritizing time and money comes at the expense of quality?
When quality loses
One tragic answer to this question was the 1986 Challenger space shuttle crash. After a thorough inquiry, investigators blamed the disaster on the failure of an O-ring designed to prevent hot gas from leaking through a joint in the solid rocket booster.
Some of the people who worked on the project said they knew in advance about the O-ring quality issue. But there was pressure to meet the launch date and stay within budget, and critics have argued that NASA lacked a culture that would have encouraged engineers to stop the production process and fix the O-ring problem