Time AdvantageTime advantage is created when one of the business
processes is faster than the other in achieving the same result.
Time advantage is best exemplified with the time to market
examples. Time advantage is typically created through careful
analysis of all the activities supporting a process and
elimination of those that don’t add any value to the process,
but only add lead time. Time advantage can create product
premiums, increased revenues, longer product life cycles, and
intangible differentiator levers (such as brand value or an
image of being innovative or agile). It becomes a competitive
advantage when the firm develops processes that will enable it
to quickly introduce new products in the market and portray the
company as a pioneer and when the firm’s business strategy
leverages such differentiation through a premium brand image to
grow market share and increase revenues. Cost AdvantageCost
advantage is created when the superior business process is
cheaper to operate than the inferior other.