Dick Lee
President of Value Innovations
Webinar Summary: Ryma's May 13th webinar was presented by Dick Lee. Dick presented the definition of Value Innovation (Delivering Exceptional Value to the Most Important Customer in the Value Chain, all the time, every time).He reviewed the 10-Step Value Innovation Process - It answered such questions as "I want to develop a Blue Ocean Opportunity, where do I start?" "What's the Process?" "What do I do next?" etc.
Dick will help you develop a Value Chain and identify the Most Important Customer in that Value Chain. He described the Value Curve with Metrics and how they differ from the Value Curves described by W. Chan Kim and Renee Mauborgne. He showed how to use Value Curves with Metrics to deliver Exceptional Value to the MIC and how the "Six Questions" help you define your Blue Ocean Opportunities.
To learn more about Value Chains and the "3 Questions" go to Value Chain
To learn more about Value Curves with Metrics and download examples, go to Value Curve with Metrics
About the Presenter: Richard ("Dick") K. Lee is president and CEO of Value Innovations, Inc (VI). Dick is a past member of the BOD and three time past chairman of the emeriti committee of the Industrial Research Institute.
Dick has been the VP and General Manager of two divisions of Fortune 500 companies [Gould Inc. and McGraw Edison], the VP R&D at Pharmaseal, the manufacturing arm of American Hospital Supply, and the VP Strategic Business Operations at Johns Manville.
Dick received his Ph. D. in inorganic chemistry from the University of London in 1968. Dick is a UK subject, a Permanent Resident of the USA and lives with his wife Lin in Castle Rock, CO.
ByronWorkman: #Innochat Attending Webinar on Wed at 10 am CT "Making Blue Ocean Strategy Work For You" Dick Lee presenting http://tinyurl.com/qjcex9 (expand) #pmv
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trevorrotzien: RT @ByronWorkman: #Innochat Attending Webinar on Wed at 10 am CT "Making Blue Ocean Strategy Work For You" http://tinyurl.com/qjcex9 (expand) #pmv
ByronWorkman: #prodmgmt #innochat Correction: Webinar is at 11 am CT. Topics: 10-Step Value Innovation Process, Value Chain http://tinyurl.com/rb5eg7 (expand) #pmv
michaelrhopkin: New post at #leadonpurpose Go from idea to strategy: product managers are key - http://bit.ly/rGpWW (expand) #leadership #prodmgmt #pmv
sturtz: Registerd for "Making Blue Ocean Strategy Work For You" Wed @11 CT http://tinyurl.com/qjcex9 (expand) Day is packed, hope I can half-listen #pmv
DerickWorkman: Join the discussion- Making Blue Ocean Strategy Work For You - Rymatech - #PMV Webinars - http://tinyurl.com/qjcex9 (expand) >#pmbc #prodmgmt
michaelrhopkin: RT @DerickWorkman: Discussion- Making Blue Ocean Strategy Work For You - Rymatech - #PMV Webinars - http://tinyurl.com/qjcex9 (expand) #prodmgmt
ByronWorkman: 30 mins or so till webinar starts "Making blue ocean strategy work for you" http://tinyurl.com/qjcex9 (expand) #prodmgmt #pmv
neeraj: RT @ByronWorkman: In 30 mins or so webinar on "Making blue ocean strategy work for you" http://tinyurl.com/qjcex9 (expand) #prodmgmt #pmv
lmckeogh: RT @DerickWorkman: Join the discussion- Making Blue Ocean Strategy Work 4 You -Rymatech - #PMV Webinars - http://tinyurl.com/qjcex9 (expand) [10 min]
ByronWorkman: Webinar today based on book Blue Ocean Strategy #pmv
ByronWorkman: Book focuses on making completion irrelevant. Makes sense considering value chain discussions usually on competitive advantage #pmv
ByronWorkman: What is value innovation and why is it important? #pmv
AnitaTheodosis: Value innovation: delivering exceptional value to the most important customer in the value chain, every time, all the time #pmv
AnitaTheodosis: Exceptional Value does not only come from development or technology, it can come from other areas also #pmv
ByronWorkman: @anitatheodosis One time on #innochat we had a discussion about innovation happening across the value chain, not just R&D. #pmv
ByronWorkman: "If it is not compelling to the most important customer, stop the project." #pmv
ByronWorkman: I havent read Blue Ocean, so I am not quite sold on the idea of focusing on the most important customer. as apposed to a larger group. #pmv
ByronWorkman: Got a question on what #pmv hashtag is used for: Conversation around webinars and blogs by Product Management View, as well as PM disc.
dsturtz: @ByronWorkman Agree with most important cust. problem -- think same concepts would apply to key buyer personas? #pmv
AnitaTheodosis: Value Chain also described as the steps within a company that produce competitive value for their customers, stakeholders, and partners #pmv
AnitaTheodosis: Oh, Sounds like he is applying similar principles from the Theory of Constraints to The Value Chain. MIC is Largest Constraint #pmv
ValWorkman: #pmv In bed with food posioning missing a great webinar I'm sure. Please provide detail for review later. Twitt Love out to all.
DavidWLocke: Blue Ocean isn't about most important customer, its about the non customer #pmv
rseres: IMO - One sign of a solid co is that when you take away their largest customer - they're still profitable #pmv
DavidWLocke: @ByronWorkman Stopping the project is only important in the red ocean, or earlier. If you have a few important customers you are dead #pmv
sturtz: RT @DavidWLocke: Blue Ocean isn't about most important customer, its about the non customer #pmv
DavidWLocke: The point of a Blue Ocean is that growth has ended. To grow is to create a new category via business inno (BO) not tech inno. #pmv
DavidWLocke: @ByronWorkman Yes, as a PM you can define the product, the offer, or the complete experience. Take you pick. #pmv
DavidWLocke: @ByronWorkman BO is about defining the entire experience, aka the use across the entire value chain. #pmv
AnitaTheodosis: @DavidWLocke A lot of Product Managers I've talked with forget this point, business inno can be just as profitable as Tech Inno #pmv
AnitaTheodosis: RT @AnitaTheodosis: @DavidWLocke Some forget this point, business inno can be just as profitable as Tech Inno #innochat #pmv
DavidWLocke: @AnitaTheodosis It is a late market consideration. Most companies don't recognize the transition until they miss a quarter #pmv
trevorrotzien: @ValWorkman #pmv Very sorry to hear that Val - Get well soon! ByronWorkman: Swimming in a red ocean, is where there is little competitive differentiation. #pmv
AnitaTheodosis: Samsung is an example of a company using value innovation, #12 most innovative companies. #pmv
DavidWLocke: Samsung a perfect example of why you don't outsource, #pmv
rseres: in BO strategy - is there a specific process for identifying the elements of performance that are used to create your value curve? #pmv
DavidWLocke: This most important customer is a statistically aggregated customer. #pmv rseres: Sounds like BOS recommends using "The Six Key Questions" process.. #pmv DavidWLocke: @ByronWorkman Keep in mind that BO is a late market/consumer market issue, not the normal markets for tech #pmv
DavidWLocke: Modify highest factors from a factor analysis, or rank ordering, which factor analysis can determine #pmv
ByronWorkman: I am finished tweeting the webinar http://tinyurl.com/qjcex9 (expand) Thanks to Dick Lee, Value Innovations for presenting. Great conversation! #pmv
The Four Actions Framework is an OK starting off point for determining how to deliver greater value when looking at a Value Curve.
The 6 Questions specifically questions 4, 5 and 6 take you beyond the 4 Actions Framework. If it's not compelling to the MIC, it isn't unique and you cannot defend the position, you will not create a Blue Ocean Opportunity
We've always found the Non-Customer classification amusing.
If you're talking about a new market/new product or service offering there won't be any customers today but there had better be when you launch. The key is still to develop a Value Chain, identify the Most Important Customer (the would be MIC) and make sure you contextually interview them.
Blue Ocean Opportunities can be created in the existing market/existing product quadrant.
Blue Oceans can be created in the new market/new product quadrant but it's much harder to do.
Yes, you can transform a Commodity into a Breakthrough.
"If you have a few important customers you are dead"
Not sure we agree with this statement. The 20/80 rule applies here in a major way. 20% of your customers generate 80% of your profits. So if you have 100 customers, 20 are delivering most of your profitability. Is that a small number?
i want to know about the courses conducte by the institute.i want to know about the oceanography?