Deloitte advocates companies hire a Chief Value Officer
Thanks to Chris Jones of PA Consulting Group in Great Britain for passing this along.
Apparently, Deloitte has a newsletter, The Value Habit. Volume 9 has an article, Help Wanted: Chief Value Officer: Creating value is a full-time job.
It's an excellent article, and we believe, an even better idea.
They made a comment that really stuck with me on a flight back from visiting them in 2004.
They were one of the first firms to have formed a pricing council, probably back in 2001-2002.
After running this council for a year or so, they said that they were becoming too focused on price, and value was being ignored.
I could see how this could happen, and since value determines price, maybe we needed to focus more clearly on the ultimate objective.
I knew there existed among large companies Chief Pricing Officers, Chief Revenue Officers, Yield Management Groups, Revenue Management Groups, even BMW had a Chief Experience Officer.
But I couldn't find any company, anywhere, that had a Chief Value Officer.
Then in 2005, I presented to a firm (Ward Wilson) in New Zealand, strongly advocating they appoint a CVO.
In my book, Pricing on Purpose, I profile Brendon as the world's first CVO, since I couldn't find one anywhere before this time.
The idea caught legs, and now we know of probably a dozen firms that have appointed a CVO.
Who's in charge of value in your firm?
Oh, and here's a question for Deloitte: Do you have a CVO?
If so, why do you still think that time = value?
VeraSage Institute is the most revolutionary think tank for professional knowledge firms-we challenge the professions to break free of practice methods that hurt the professions, undermine their purposes, and fail their clients. Among our quests: burying the billable hour and archaic timesheets; pricing on purpose; recognizing that professionals are knowledge workers, not machines; and improving the professions for posterity.