Forward-thinking organisations are investing in the people and processes that will take them through the next decade of business. But how can you tell if yours is genuinely focused on value? In my view, there are three key indicators of an organisation’s focus on value:
- Section 1 – The quality of its workforce
- Section 2 – The quality of its processes
- Section 3 – How it measures success (and if it does so at all)
Organisations must focus on value to remain competitive. Focusing on the right things can help ensure that businesses are ready for change and able to adapt more quickly than their competitors.
Are you getting value on your investment?
When you invest, and in the case of Management Consultancies, a very substantial investment, it is essential to be explicitly clear on precisely what you expect them to deliver and how it will impact your business.
If they match up, great! You’re a happy client who will continue doing business with your provider again in the future and recommend them to others. If not…well…that’s when things get complicated.
When choosing a provider, getting a quantifiable value from your investment is vital.
- Is what is being offered what you expected?
- Is what you are getting exactly what you need?
- Does the service completely align with what you want? Is it what you are willing to pay?
Many clients report receiving a standard, formulaic approach from management consultancies. They feel that the materials received seem to have been pieced together from previous projects and the information they supplied. Adding their logos and a few personal touches here and there as an attempt to personalise the findings does little to soften the blow.
With no tangible outcomes (actual delivery) to quantify the value of their investment, our clients cite feeling a distinct lack of value in the final product. Often, outcomes and expectations of a project fall at the first hurdle because those involved become embroiled in the complexities and technical aspects, with little, if any, consideration for the ROI.
A few questions to ask yourself if this is all too familiar:
- Did both parties understand what the actual outcome was?
- Did you know who would be involved and at what stage from your provider?
- Were the two parties aligned on value, cost, duration and outcome from the outset?
If not, then there has been a disconnect in one or more of these areas, resulting in you not getting what you wanted or, more importantly, needed.
Final thoughts
Ensure your business partners have your outcomes front and centre and are not looking out for their own agenda. If your provider’s answers are unclear or particularly vague, you will most likely not get as much value from the relationship as you should.
Unfortunately, this situation is all too common. The result of not fully agreeing with the principles at the beginning is that you then suffer from a lack of focus and direction throughout the project and no real accountability measures to ensure your service provider is meeting your requirements.
Changing times
At COGENT, we are revolutionising this tired and predictable industry. Our focus from the outset is on achieving your goals. Our experts come from industry. They have been where you are and understand the challenges you face. They are not only there to guide you, but they are also there to implement and pass on their knowledge to all they encounter, providing you with a long-lasting legacy.
All this is achieved under the careful guidance of a dedicated COGENT Project Director who facilitates and monitors the assignment to successful completion.
Come and talk with us for a refreshing vision of the future of external collaboration.
Email: contact@cogentexecutive.com