You might have noticed our main Value Creation discussion in education has focused on business schools. In fact we are developing course content for a Value Creation major in MBA schools.
A few days ago, I had a discussion with an Economics Professor. She was telling me about the various courses she teaches. I asked her if she talked about Value Creation to her students. How would they use their knowledge? How would they create value for themselves, their employers, and the society at large?
Her eyes sparkled with interest. This was a new facet of teaching she had never thought about. She felt it was a great idea, and something she must include in her teaching.
She asked about simple examples of Value Creation she could give her class. I told her about my assistant who sent an Income tax notice on my behalf to my tax lawyer. A few days later, I asked him if he had confirmed if the tax lawyer was going to attend the hearing, He had not. If he had confirmed the attendance of the tax lawyer, he would have created value for me. You can find so many examples of value creation. A customer services person solves a problem for me. He realises this problem is prevalent, but he does not try to get the company to change the process/procedure so that other customers do not face the same problem I did. He missed a chance to create value for the customers, his company and himself.
There are just as many examples of value destruction. The run around you get when you call a company to complain is a typical example. A taxi cab that comes later than ordered and makes you almost miss a plane. A service person who does not arrive when promised. The list is endless.
The first step to companies and executives converting to Value Creation is awareness. Awareness that they can create or destroy value, and what they can do to create value is necessary and has to be taught. The concept has to be taught to college faculty, and to companies’ senior executives, so that they can teach value creation and set up an enabling environment.
What do you think? We welcome your comments.
Gautam: I can relate to your question because I serve on the alumni advisory board for a graduate program in management information technology. Through my participation, I have had the opportunity to learn how academic programs are introduced and vetted. My takeaway: there’s very little experimentation. Academic program decisions are based partly on a) the anticipated needs of employers, b) an assessment of what skills and competencies will make students marketable, c) the intellectual make up of the student body, d) the availability of faculty to teach the courses, and e) whether there is a benefactor willing to invest a slug of money to override a, b, and c, and d.
As far as Value Creation as an MBA major? I don’t see it gaining traction at my school, but I don’t make the program decisions. Unless, of course, I fund the Rudin professor in Value Creation . . .
Andrew, you are so right.
We arein discussion with a major B school on starting a Value creation centre. Hopefully thngs will startB
Gautam