Transcript:
When we're looking at value streams, the important part is how well you're managing them. So I get a lot of people asking me, what is value stream management?
Well, value stream management is really understanding and being able to track everything going through your organization from, you know, the “I have an idea” to customer value — did my customers like what I gave them? So it's managing not only every step along the process, but understanding how the people are working together, eliminating those final silos, and really bringing together the data in your organization where you have a strong stream. And then naturally the data will roll back up, the status will roll back up to your strategies. So it's tying it all together.
And the important part of this is that when companies are not doing this well, they can't compete in their market. If a company that's doing it well decides to enter — or their competitors get better — we're not only worried these days about the Amazons and the Googles jumping into our market, but if your competitor is now tying all of these pieces together and doing value stream management well, it really puts you in a tough place if you're not working on that.
So it's really looking at the importance of tying your end-to-end people, process, technology, and data together.
One of my favorite stories about a company that was able to transform themselves — they did this at an amazing pace in about a year and a half — and they were able to go from being the number four in their region — they were a banking company — to the number three bank in their region because their customers were so much happier with the products they were delivering. And they were able to get things to market so much faster and cleaner than they had in the past.
So being able to really streamline these things and pull it all together and see the reality of what's going on in your organization is so important today to stay competitive.
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