Allow 20 minutes
Watch Video 1 below, in which Evan Davis looks at the modern value chain, which he suggests has three stages.
The clip is taken from the 2011 BBC television series Made in Britain in which Evan Davis asks how Britain can sustain itself in the global economy; and in particular if it is right for Britain to concentrate on excelling in the knowledge economy (commercial awareness is of course vital for nation states as well as for companies).
The three stages mentioned in the video are:
Having watched the video, now consider your own position within your organisation.
In the video it is clear that value relates to being competitive, and being competitive means being able to do things differently or better than others. At the level of the organisation, this means being more efficient (e.g. doing more with less, being quicker or reducing the number of repetitions, reducing costs) or more effective (e.g. doing things that are more relevant, have greater priority or are more useful or desirable). When we understand what our objectives are in these terms, it makes it easier to suggest how to improve practices to eliminate waste, and enhance each individual’s contribution to the total value. Crucially, it allows us to compare the value added by techniques we apply to those used in other organisations.
But how does this talk of value fit with our central concern: developing better commercial awareness? Why is identifying value valuable in that context? Why is it valuable to members across an organisation?
Recognising the value you yourself bring and contribute to the organisation:
Recognising the value others across the organisation contribute:
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