It is critically important to make use of & understand the importance of Value Innovation in our due diligence so our resulting actions are oriented to being the best at what they do. Our operations must always take advantage of nice opportunities by promoting great ideas to moving & delivering in a brand spanking new strategic direction. Our first targets ought to focus on these new & distinctive ideas or improvements & turn them in to an innovative & valuable product on an unmatched level.
Being the best business today requires that they routinely take advantage of business altering ideas, opportunities or improvements. Periodically, our "whole" business needs to be assessed with due diligence towards becoming the best. This includes not only our operations & the sustainment of these operations, but every product & service as well. When assessing our business, they must engage significant insight, experience & analysis to make positive they always exceed expectations for both the customer & ourselves.
Knowing where you need to go to be the "best" is essential so that you can then define the appropriate value & direction of the chance. This is a different mindset where you move from satisfying your customers' & own needs to generating new valuable needs; from meeting expectations to exceeding expectations & from observing & listening to your competition & clients to introducing new & needed products & services. Value innovation, also called value engineering in some circles, provides distinctive value to your stakeholders with the best products & services to reach success. Value Innovation makes opportunities happen. You have arrived when your peers look to you as the standard & where first place is the only acceptable reality.
Value Innovation is a proven approach to become and stay a superstar. This is important as they reward our superstars ten times greater than what even our runner-ups accomplish. As only a few become superstars, they are always busy with the lots of individuals who need to work with them. Further, these superstars often get to the point where they narrow their niche to better focus their efforts. This focus in turn improves the customer's long-term loyalty and belief that they are working with the best.
Value Innovation is NOT about "Let's make it happen": Even the shoe company is not "just doing it." Their aim is to be the best, to hire the best, to produce the best product and so on. Their picture tries to transpose being the best to their customers and encourages them to "just do it" to become the best.
As an example, the worth innovative method includes multiple layers of due diligence as it seeks out and matures ideas and opportunity:
1) What are the needs, requirements, & expectations of the market?
2) What services or products are currently unavailable that would meet these needs?
3) What due diligence is necessary to weigh the risk of this idea?
4) Why are these services or products currently unavailable & how may they be made available?
5) What would the worth of this product or service be?
6) Is this a used market or how competitive is this market?
7) Does this idea slot in with the remainder of our business & can it be leveraged with existing resources?
8) What skills or other resources are necessary to provide & maintain this product or service? Where can they find these skills?
9) What actions are needed to bring this to market & what are the expected obstacles? Can these obstacles be overcome & the risks managed?
ten) How can they design, create, & check the idea & validate the product or service?
11) What timeline & management plan is necessary to take this value to market?
12) How will they manage execution & sustainment?
13) How will they measure progress of this idea from start to delivery & sustainment to control quality, schedule, & cost?
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Our companies and businesses would do well to follow this example in setting our own vision, to work towards a aim, and then train and execute in this way. This mindset involves every stake holder so that everybody shares a common insight so that the chance of reaching the aim is more probable and timely. The best business leaders follow this strategy. They hire the best and the most experienced, the most motivated, the innovators... and they do it for the same reasons as the champion athlete, because they require to be the best and they require to get there as quickly as feasible.
Adapted from : James E Fogarty
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