Recognized Value Equals Value Embodied
The term value is thrown around quite a lot in business.
It’s used to describe personal and monetary contributions to a company and as a determinate of success. The ubiquity of the term is evidence of its importance. However, most team members will struggle to explain the purpose of their company. C-level executives may fare better here but they’re unlikely to be able to explain the values most important to the team members supporting their business day-in-and-out. Thus, there is a lack of Recognized Value within the organization.
By defining and understanding Recognized Value, BRMs support their businesses from the foundation to the rafters. A Recognized Value = communicated value + perceived value + measurable value of any process, operation or contribution. Recognized Value can and should be established on a personal level as well as on a business level for optimum success.
Communicated Value– the worth of a thing as it’s expressed by others
Perceived Value-the inherent significance assigned to a thing without external suggestion
Measurable Value-the parts of a thing that are discoverable, repeatable and desirable
Communicated Value is important because it connects the value to the external world. It drives movement and inspires action for recognition. Here we see the reward of value as it’s recognized by the external.
Perceived Value is often an indicator of the success of a process, suggestion or contribution. Without external direction we naturally assign a significance to everything and use this assignation to determine what level of effort to contribute.
Measurable Value is the least obscure of the values (tangible or intangible) as it’s the worth assigned to something based on its repeatable, discoverable truths. Here we see the data laid out, no interpretation necessary. These are the undeniable contributions.
Imagine the power if all three of these were aligned and understood by every member of your team! Suddenly, everyone can explain the processes and their importance; when polled you’d see that the whole team perceived the value of the processes the same way. Your collected data would show you exactly what the processes contributed to your business. By establishing Recognized Value, you’re actually embodying value and giving it life.
To learn more about Recognized Value and Becoming a Value-Focused Organization join us at the BRMConnect Summit in Portland May 31- June 1 2018.