Abstract
The acceleration of change necessitates strategies to control time, considered not only as a variable that influences the temporal evolution of phenomena but as one that directly influences phenomena itself. This study tries to present the logic of time compression and time to market, as well as the main instruments for the formulation of time-based strategies, not only by observing how the value of time is perceived as a contraction of production and distribution lead times but also by considering the choice of the most opportune moment to start a business and introduce (or withdraw) a new product. Starting from a discussion of time-based competition managerial approaches, this study develops a theoretical framework showing different time-based methodologies (JIT, MRP, OPT, FMS, PERT, HSM) that help management to adopt time-based strategies. It also puts forward a taxonomy of time-based strategies as well as a logical strategic path to time value.
Highlights
Starting from a discussion of time-based competition managerial approaches, this study develops a theoretical framework showing different time-based methodologies (JIT, Material Requirements Planning (MRP), OPT, Flexible Manufacturing Systems (FMSs), PERT, High Speed Management (HSM)) that help management to adopt time-based strategies
1) for firms that produce production lots, Just-in-Time (JIT) [20,21]; 2) for firms that operate with a continual process, the MRP and OPT methods [22,23,24,25] are appropriate in addition to JIT [26]; 3) for construction firms and those that carry out large projects, reticular programming (PERT), in all its variants, is appropriate [27,28]; 4) for the development of new products, the High Speed Management [29,30] rules are valid, the specific aspects of which represent the adaptation of the JustIn-Time concepts for time compression in the management of the product portfolio
Time to market represents one of the fundamental moments in time compression. It is strengthened by the adoption of techniques, such as concurrent and simultaneous engineering, which belong to High Speed Management approach
Summary
In the present competitive context of increasing change and growing globalization [1,2,3], the focus on mass production, structural efficiency, the control of worker productivity has been replaced by the strategic importance of time compression, both regarding the shortening of production and distribution times and the reduction of time-to-market in the introduction of new products [4]. For firms that produce and are affected by such phenomena, time has become as much a critical factor for those companies affected by it as a factor of competitive advantage for those that can control it [9]. Previous argumentations affect manufacturing as well as service firms, since McLaughlin and Fitzsimmons found time-compression to be a successful strategy in both defensive and offensive strategic approach within service firms [14]. These guiding principles of time-based competition are merely the logical extension of the Just-in-Time principle to all aspects of the value production cycle [15,16]. The section will critically review the time management techniques as well as the two facets of time compression: at the production and logistical system level and the business system level of the firm
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