Deloitte advocates companies hire a Chief Value Officer

Posted by accountingweb on Jun 18 2009 2662 printer friendly

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.

The genesis of this idea was from discussions with Paul Kennedy and the late Paul O'Byrne (sorry, I still choke up writing it that way), of OBK.

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.

They did later that year, Brendon Harrex, who now has his own firm.

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?

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