Public companies will tend to favor their shareholders over customers and employees.
I prefer Branson's priority of employees first, then customers and finally shareholders.
Kiron
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1 reply by Luis Branco
Feb 16, 2023 9:25 AM
Luis Branco
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Dear Kiron
Thank you for participating in this reflection and for your opinions.
When, in project management, you address the topic: "Adding value to the business", is there, in your opinion, any relationship with customer satisfaction?
Saving Changes...
Thomas WalentaGlobal Project Economy ExpertHackenheim, Germany
Hi Luis,
no, they are not the same.
Value is always in the eye of the beholder, it is subjective and specific to a stakeholder.
If one stakeholder perceives value, they might be satisfied (or long for more). But others might see damage or are unaffected.
Think people buying cheap clothing in Europe, but workers in Bangladesh suffering from low income and insecure conditions.
Hence in my view talking about value is meaningless if you do not say for whom. Even if you mean business as beneficiary, who is business? The CEO, shareholders, employees, CFO, ...???
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1 reply by Luis Branco
Feb 16, 2023 9:27 AM
Luis Branco
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Dear Thomas
Thank you for participating in this reflection and for your opinions.
When, in project management, you address the topic: "Adding value to the business", is there, in your opinion, any relationship with customer satisfaction?
It may or may not.
Generally, they are not the same.
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1 reply by Luis Branco
Feb 16, 2023 9:27 AM
Luis Branco
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Dear Abolfazl
Thank you for participating in this reflection and for your opinions.
When, in project management, you address the topic: "Adding value to the business", is there, in your opinion, any relationship with customer satisfaction?
Saving Changes...
Luis BrancoCEO| Business Insight, Consultores de Gestão, LdªCarcavelos, Lisboa, Portugal
Feb 16, 2023 7:44 AM
Replying to Kiron Bondale
...
Luis -
Public companies will tend to favor their shareholders over customers and employees.
I prefer Branson's priority of employees first, then customers and finally shareholders.
Kiron
Dear Kiron
Thank you for participating in this reflection and for your opinions.
When, in project management, you address the topic: "Adding value to the business", is there, in your opinion, any relationship with customer satisfaction?
...
1 reply by Kiron Bondale
Feb 16, 2023 12:11 PM
Kiron Bondale
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Customer satisfaction is an indirect input into creation of business value if that satisfaction results in more business, referencebility, etc.
It is not the only creator of business value, however.
Kiron
Saving Changes...
Luis BrancoCEO| Business Insight, Consultores de Gestão, LdªCarcavelos, Lisboa, Portugal
Feb 16, 2023 8:04 AM
Replying to Thomas Walenta
...
Hi Luis,
no, they are not the same.
Value is always in the eye of the beholder, it is subjective and specific to a stakeholder.
If one stakeholder perceives value, they might be satisfied (or long for more). But others might see damage or are unaffected.
Think people buying cheap clothing in Europe, but workers in Bangladesh suffering from low income and insecure conditions.
Hence in my view talking about value is meaningless if you do not say for whom. Even if you mean business as beneficiary, who is business? The CEO, shareholders, employees, CFO, ...???
Dear Thomas
Thank you for participating in this reflection and for your opinions.
When, in project management, you address the topic: "Adding value to the business", is there, in your opinion, any relationship with customer satisfaction?
...
1 reply by Thomas Walenta
Feb 16, 2023 11:12 AM
Thomas Walenta
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Dear Luis,
sometimes adding value to business (in the view of a CEO) might result in increased business satisfaction. And sometimes increased business satisfaction will correlate with customer satisfaction, but is there a cause/effect?
I know that some CEOs do not care how customers feel once they contributed to revenue and profit targets.
And I have seen customers satisfied though they receive dis-benefits, e.g. loss of jobs and income, less freedom of decision making, delays - but less than announced (this is a matter of stakeholder engagement or change management).
On the other hand, decreased customer satisfaction may lead to side effects on other business like reputation damage.
And even customer satisfaction has multiple facets, depending on whom you ask on customer side - users or executives.
So, no again, customer satisfaction and business value are not the same, and often not even related.
Saving Changes...
Luis BrancoCEO| Business Insight, Consultores de Gestão, LdªCarcavelos, Lisboa, Portugal
Feb 16, 2023 8:31 AM
Replying to Abolfazl Yousefi Darestani
...
It may or may not.
Generally, they are not the same.
Dear Abolfazl
Thank you for participating in this reflection and for your opinions.
When, in project management, you address the topic: "Adding value to the business", is there, in your opinion, any relationship with customer satisfaction?
...
1 reply by Abolfazl Yousefi Darestani
Feb 17, 2023 9:07 AM
Abolfazl Yousefi Darestani
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I would say, yes. It may. depends on the nature of the business.
Saving Changes...
Thomas WalentaGlobal Project Economy ExpertHackenheim, Germany
Feb 16, 2023 9:27 AM
Replying to Luis Branco
...
Dear Thomas
Thank you for participating in this reflection and for your opinions.
When, in project management, you address the topic: "Adding value to the business", is there, in your opinion, any relationship with customer satisfaction?
Dear Luis,
sometimes adding value to business (in the view of a CEO) might result in increased business satisfaction. And sometimes increased business satisfaction will correlate with customer satisfaction, but is there a cause/effect?
I know that some CEOs do not care how customers feel once they contributed to revenue and profit targets.
And I have seen customers satisfied though they receive dis-benefits, e.g. loss of jobs and income, less freedom of decision making, delays - but less than announced (this is a matter of stakeholder engagement or change management).
On the other hand, decreased customer satisfaction may lead to side effects on other business like reputation damage.
And even customer satisfaction has multiple facets, depending on whom you ask on customer side - users or executives.
So, no again, customer satisfaction and business value are not the same, and often not even related.
...
1 reply by Luis Branco
Feb 17, 2023 4:43 AM
Luis Branco
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Dear Thomas
Thank you for your opinion
When, in the context of projects, one speaks of "adding value to the business" it means: "it depends"
Dear Kiron
Thank you for participating in this reflection and for your opinions.
When, in project management, you address the topic: "Adding value to the business", is there, in your opinion, any relationship with customer satisfaction?
Customer satisfaction is an indirect input into creation of business value if that satisfaction results in more business, referencebility, etc.
It is not the only creator of business value, however.
Kiron
...
1 reply by Luis Branco
Feb 17, 2023 4:48 AM
Luis Branco
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Dear Kiron
Thank you for your opinion
We are increasingly witnessing the creation and/or change of business models in which the customer is not taken into account.
I believe that organizations are forgetting the lessons of the "father of management": Peter Drucker
Business value comprehends multiple aspects, such as employees, money, customers, and mainly societal value.
So, we can say that customer satisfaction is part of this concept because if the company gives customer value as products or services that satisfy their needs adequately, this will derivate in high-level customer satisfaction.
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1 reply by Luis Branco
Feb 17, 2023 10:38 AM
Luis Branco
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Dear Verónica
Thank you for participating in this reflection and for your opinions.
Most companies are changing their business model, leaving customers in last place and, in some cases, without being minimally interested in customer satisfaction.
Saving Changes...
Stéphane ParentSelf Employed / Semi-retired| Leader MakerPrince Edward Island, Canada
Customer satisfaction is but one dimension of quality, based on a defined criterion.
Business value is the difference between the cost of of a business product, service or result and its perceived worth.
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1 reply by Luis Branco
Feb 19, 2023 7:56 AM
Luis Branco
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Dear Stéphane
Thank you for your opinion
Is the "customer satisfaction" dimension present in business models? (new and/or changed)
