Introducing the Value Innovation Process®
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This course introduces you to the proven 10-step Value Innovation Process® (VIP) and some enabling tools (templates, case studies, processes, etc.).
The VIP helps you to define your most important customers’ unmet needs. It guides you in the development of new products & services that align with those unmet needs. Ultimately the VIP drives sustainable business growth and profitability for your organization.
Value Innovation is defined as delivering exceptional value to the most important customer in the value chain all the time, every time and shows you how it can be used to drive structured, sustainable business growth in your organization.
The key learning objectives are:
1. Introduce you to the 10-Step Value Innovation Process®.
2. Define a project using the project definition template.
3. Define a Value Chain for your business using the provide tools.
4. Identify your most important customers using the provided template.
5. Understand the power of the Value Curve with Metrics, our quantitative tool and method for evaluating value.
6. Understand how to uncover your most important customers’ unmet needs & the tools to accomplish this.
The course is delivered in 5 sections, each accompanied by a video and slide deck.
Each lecture has “Key Points” at the beginning and “Learnings/Takeaways” at the end.
1. PDF of the Value Innovation Process
2. PDF of the enabling tools set
3. Template you can use to define your project including instructions
4. “3 Questions” template to identify your Most Important Customer
5. Instructions on how to develop the Value Chain
•The next course to view is Value Innovation Process® Success Stories and can be found here: www.udemy.com/value-innovation-process-success-stories/
If you have questions, send Dick Lee an email (email@example.com) or call him at +1-720-291-0758 and he will respond within 48 hours.
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|Section 1: Definition of Value Innovation|
You'll discover what Value Innovation is : "To deliver exceptional value to the most important customer in the value chain" and how that value can be delivered.
When used consistently Value Innovation drives sustainable profitable growth, increases the value of your company and your growth will lead to job creation.
In this introduction, you'll understand there are are least 14 different schools of innovation and that's in part why the word innovation is misused and poorly understood.
We will walk you through the genesis of the Value Innovation Process so you'll have a firm understanding that this did not happen overnight, It has deep roots starting with C. K. Prahalad, Dean of the Ross School of Business at the University of Michigan, three of his graduate students, Gary Hamel, W Chan Kim and Constantinos Markeides and work carried out by 40 member companies of the Industrial Research Institute (founded in 1938) from 1999 to 2002.
The term Value Innovation was first used by W Chan Kim and Renee Mauborgne in 1997 and their best selling book, Blue Ocean Strategy, is based on the Value Innovation platform. Kim and Mauborgne's thesis is that companies compete in the same market with other companies (a red ocean). They should render the competition irrelevant and go swim in a blue ocean. It's a wonderful concept but in order to do that you need a process and set of enabling tools. Unfortunately Blue Ocean Strategy does not provide the clear process that's required but it does provide some tools.
The Value Innovation Process is the solution and this first lecture is the lead into this 10-Step Process.
|Section 2: Introduction to the Value Innovation Process(R)|
You will learn what the Value Innovation Process is at a high level and you'll be introduced to, perhaps, some new tools:
In Step 1: What's in scope and What's out of scope?'
In Step 2: What is a Value Chain, the 3 questions and the 3 question template to identify you Most Important Customer(s).
In Step 3: What is a Value Curve? What is "As Is", "Best in Class" and "To Be?
In Step 4: What is contextual interviewing?
The Value Innovation Process can be used by start ups, entrepreneurs, small business owners, medium and large sized companies. Not-For-Profits, government agencies at the Federal, State and local level..
Anybody with a customer can use this Process and enabling tools to deliver greater value.
If you work in HR, IT or finance, your Most Important Customer is inside the organization. You can use this Process and enabling toolset to deliver exceptional value and it's probably the head of a Business Unit.
|Section 3: The Value Innovation Process - Step 2 (Value Chains & Most Important Customers|
You'll learn what a Value Chain is (each buying, selling, using or specifying transaction between you and the ultimate end user of your product, software, service or offering).
Using the FoldedPak Expandos example (ExpandOS is a substitute packaging material for peanuts and bubble wrap), you'll learn how in 2004 FoldePak did not focus on their Most Important Customer and over a five year period it cost the investors $7 million.
In September, 2009 they brought in Brad Fehn, a Value Innovation Subject Matter Expert, and he looked at the Value Chain, used the 3 Questions and 3 Question Template to determine who the Most Important Customer was for Business to Business and recognized there was an opportunity in the Business to Consumer space
|Section 4: The Value Innovation Process - Step 3 (Value Curves with Metrics)|
The Value Curve with Metrics is a graphical display showing the value delivered to your Most Important Customer for your current product, software or service (the "As Is" case) and "Best in Class".
We've chosen the Tesla S Sedan to showcase the Value Curve and compared the value it delivers to the owner with the BMW 7 Series.
We define Element of Performance, explain rank ordering and compare three rank ordering tools, explain how value is displayed on a low to high scale.
With "As Is' and "To Be' Value Curves that have been vetted by a group of your Most Important Customers, you know what you must do to deliver exceptional value.
The left side of the Value Curve lists the Elements of Performance in order of importance to the Most Important Customer.The first Element is the most important to the Most Important Customer.In aggregate these Elements define your product, service or offering.
The right side lists both values being delivered to the Most Important Customer for your current offering (“As Is” - if you have one) and “Best in Class” on a value scale (low on the left and high on the right). Each Element has a value.
|Section 5: The Value Innovation Process - Step 4 (Contextual Interviewing)|
Contextual Interviewing is a process to uncover the unmet, unarticulated needs of your Most Important Customers.
There are three interviews, each 1h in length, carried out at different times with an interview team and 2 Most Important Customers.
The interviews each have a different focus:Divergent (Listening); Convergent (Shaping) and Convergent (Defining).
This lecture showcases Nautilus and their upright exercise bikes. Nautilus was seeing sales decline in 2Q, 2012. By using this process Nautilus uncovered the unmet needs of their Most Important Customers...regular users of Upright Bikes in their homes. The sales decline has been reversed and they are selling like hot cakes.
Dick has been the VP/GM at divisions of Fortune 500 companies and led their R&D organizations. He's taken Value Innovation far beyond Blue Ocean Strategy using his proven 10-step Value Innovation Process® that includes tools to help organizations drive sustainable business growth.
Dick is CEO and Chief Innovation Officer of Value Innovations, Inc. (www.valueinnovations.com). Value Innovations helps its customers significantly improve the contribution of new products, services and delivery to their company’s value by providing exceptional value to the most important customer in the value chain. VI provides impactful innovation workshops and consulting to organizations of varying sizes and industries.
As a global keynote speaker, co-author of the book Value Innovation Works, and leader of over 90 Value Innovation Workshops in 10 countries, Dick has mastered both the delivery and execution of the Value Innovation Process®.
He served as Vice President, Strategic Business Operations, Johns Manville Corporation [1988-1992]; Vice President R&D for Pharmaseal, a division of American Hospital Supply and subsequently Baxter Healthcare Corporation [1985-1988]; Vice President, Onan Corporation and General Manager, Elgar Corporation (McGraw Edison Corporation) [1982-1985]; Vice President and General Manager, the Portable Battery Division of Gould Inc. [1977-1982]; and Manager, Vehicle Emission Control R&D, UOP Inc. [1972-1977].
Since 1992, Dick has led consulting projects for clients in North America and Europe, including: ADM, Alcan, Albany International, American Vanguard, Ashland Chemical, Associated Octel, AstenJohnson, Beaulieu International Group, Bekaert, Bobcat, Brady Corporation, Caterpillar Trimble Control Technologies, Cargill, Champion Technologies, Chevron, Ciba Corning Diagnostics, Ciba Geigy, ECC Inc., Exxon Research and Engineering, Gates Corporation, Genencor, Goodyear Tire and Rubber Company, Great Lakes Chemical Corporation, Honeywell, Ingersoll-Rand, Johns Manville, Johnson Controls, KBR (an operating unit of Halliburton), Kennametal, Lund International, Merck KGaA, Millipore, Mobil Oil Corporation, Nanophase, Novamin (acquired by gsk in 2009), PG&E, Philip Morris USA, Polycore Optical Pte Ltd., Procter and Gamble, Raychem, SAIC, Sherwin Williams, Spectranetics, Thermo King and Trimble.
He has a BS degree from the University of London (1964) and was awarded a Fulbright Scholarship (1964-1965 – UK to the USA), he has an MS from Northwestern University (1965), a Ph.D. in inorganic chemistry from the University of London (1968), and completed the Mini MBA program at the College of St. Thomas (1980).