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Professor writes new book on ‘The Real-Time Revolution’ in business

Customers today value their time above all else — so businesses must do the same, University of Dayton professor emeritus Tom Ferratt writes in his new book.

The Real-Time Revolution serves as a practical guide to help organizations change the way they do business to value customers’ time more effectively than competitors. The book directs business leaders to evaluate every step in the life of a product or service — including the design of the products and services, the processes used to produce them, the data that can be gathered about their use, and the people who make or provide them.

“Time is becoming the dominant customer currency,” Ferratt and co-author Jerry Power, at the University of Southern California, write. “For many interactions with an organization and its products and services, customers would prefer to minimize the expenditure of their sacred time… Business leaders who do not transform their organization to value customer time more effectively will find the survival of their organizations increasingly challenged as customers move to competitors that do.”

Ferratt and Power point out that valuing customers’ time doesn’t always mean serving them faster. For instance, someone with a gym membership doesn’t expect to get a 30-minute workout in 20 minutes. However, they do expect to use gym equipment without having to wait. Someone visiting the Grand Canyon doesn’t want to cut down on their time in the National Park, but they do want to enjoy the experience without delays due to parking or crowds.

“This book recognizes that the ability to value customer time has become a differentiating advantage,” University of Dayton School of Business Administration Dean John Mittelstaedt writes in his foreword. “It recognizes that thinking of time as a value to customers is different than thinking about time as a cost to be managed. Customers don’t care what it costs you to make and deliver a product or service. They care that it serves a need, and in our world, timing is a critical part of the need.”

More information on the book is available online.


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