|Step 7: Find New Value Contribution Opportunities
The process of identifying, documenting and reporting
extended value contributions is ongoing and continuous. Unfortunately,
there is no magic formula for finding cost savings opportunities. It
requires creativity, a detective’s questioning mind, an engineer's
methodical approach to problem solving, and an analyst's tenacity to keep
probing and relating new pieces of information. Developing a trusted
network of “minds, eyes and ears” in your customer's business will
help leverage the precious resource of time. Although the customer can
often point you in the right direction, your "real value”
is both in the recognition and the solution of their problems.
In addition, you must manage the ongoing documentation and communication
of value contribution results to your customers.
The following checklist provides several ideas that
might stimulate additional possibilities for identifying new cost savings
or extended value contributions. Use and customize the list to fit
specific customers or market segments. Remember, success in this final but
important stage of your value proposition is highly dependent on your
skills of observation, communication and logic. Ask your customer
questions, understand their internal and external financial "choke
points", and brainstorm with your customer, your suppliers and
in-house specialists to develop a new or better way! Then, measure
and report it.