If the 1980s were about quality 1990s were about reengineering, then the 2000s will be about velocity. About how quickly the nature of business will change. About how quickly business itself will be transacted.
Gates presents business history as a sequence of changing priorities. He associates the 1980s with improving quality and the 1990s with reengineering processes, then argues that the defining concern of the 2000s would be speed. By “velocity”, he means both the pace at which industries and business models change and the speed with which transactions and decisions can take place.
The quote reflects his broader argument in Business @ the Speed of Thought that digital systems can shorten the time between receiving information and acting on it. Faster communication, electronic transactions and more integrated information systems can allow organisations to respond more quickly to customers, competitors and changing conditions. The statement can therefore be applied to digital transformation, process design and strategic planning, especially where delays in information or decision-making can weaken a company’s ability to compete.