In today's business landscape, most companies aren't all about speed. Instead, they focus on honing their expertise and refining their operations for excellence. They aim for the ideal.

They pay attention to what they need to improve internally – functions, processes, decision-making – to consistently enhance their performance. Success relies on stability and predictability, which can be challenging in today's fast-paced environment.

Conversely, some firms see speed as a competitive edge. They've crafted a model that removes operational barriers, allowing quick insights and actions. 

Harvard Business Review identifies two critical dimensions:

1. Speed of Insights: It's about sensing emerging market needs by identifying external indicators relevant to your industry. This helps spot trends and demands swiftly.
2. Speed of Action: This is the ability to quickly align operations to capitalise on identified trends or needs.

Companies excelling in both dimensions provide customers what they need, when and where they need it, before competitors – securing a lasting competitive advantage. They can also respond swiftly to potential threats.

To embrace speed as a competitive advantage, consider these three elements:

1. Leveraging External Data and Data Analytics: Don't rely solely on instincts. Utilize data analytics and advanced AI tools to make sense of what's happening inside and outside your business.

2. Prioritizing Speed Over Perfection: Focus on how quickly you can gain insights and act, rather than just incremental improvements. In product development, speed matters more than the completeness of the initial product.

3. Seamless Data Exchange with Strategic Partners: Partner with those who offer specialist capabilities on-demand. Use outside design firms, contract manufacturers, and logistics providers to swiftly meet market needs.

In today's fast-paced world, a lack of speed can threaten a business's survival. To outpace competitors, build the capabilities that eliminate roadblocks to speed of insight and action. 

It’s just as crucial today as it was to Maverick and his fellow fighter pilots.