Though agility, speed and velocity are related to the ability to keep the business on track with goals that can put it constantly ahead of the competition, these are not the same. There are some major differences.
Business agility : Business agility is the ability of a business to deliver improved customer experiences at scale and with speed. It enables organizations to better respond to change and manage uncertainty.
In other words, the business is headed on a track that is focused on delivering customer value at a pace that is consistent with customer expectations.
Speed : Speed is moving ahead swiftly and blindly without direction.
Delivering software fast does not equal delivering software that is valuable or meaningful. It does not serve a useful purpose if it is not advancing organizational results.
Losing sight of customer value is losing direction of your efforts, and speed does not matter.
Speed does not win the race. Without direction, you will end up in the scrap yard!
Business velocity : Velocity in business is how long it takes a company to achieve certain milestones measured in days, hours, or minutes. It is the amount of work that is completed in a given time. Velocity is directional.
Velocity implies you are locked on target, the end goal, and you maintain that direction throughout.
Each lap of the race is a sprint! To stay ahead you must keep your eyes on the road ahead.