The exceptional performance of Dell Computer in recent years illustrates an innovative response to a fundamental competitive fac- tor in the personal computer industry—the value of time. This ar- ticle shows how Dell’s strategies of direct sales and build-to-order production have proven successful in minimizing inventory and bringing new products to market quickly, enabling it to increase market share and achieve high returns on investment. The Dell case illustrates how one business model may have inherent advan- tages under particular market conditions, but it also shows the importance of execution in exploiting those advantages. In partic- ular, Dell’s use of information technology (IT) has been vital to executing both elements of its business model—direct sales and build-to-order—and provides valuable insights into how IT can be applied to achieve speed and