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What are some techniques for optimizing the value of a product or service?

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Optimizing the value of a product or service is a key goal for engineering managers who want to deliver solutions that meet customer needs and expectations, while also maximizing efficiency, quality, and profitability. In this article, we will explore some techniques that can help you achieve this goal, such as value engineering, lean principles, agile methods, design thinking, and customer feedback.

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1 Value engineering

Value engineering is a systematic approach to analyze the functions and costs of a product or service, and identify opportunities to improve its value by eliminating unnecessary or excessive features, reducing complexity, enhancing performance, or finding alternative solutions. Value engineering can help you align your product or service with the customer's requirements and preferences, and optimize the use of resources and time. You can apply value engineering at any stage of the product or service lifecycle, from planning and design to development and maintenance.

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Rosaline Pahud de Mortanges

Interim Head of AI, Data & Technology
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When enhancing the value of a product or service, consider leveraging value engineering—a systematic approach that analyzes functions and costs. This process identifies opportunities to improve by eliminating unnecessary features, reducing complexity, enhancing performance, or finding alternative solutions. This aligns your offering with customer requirements, optimizing resource and time use throughout the lifecycle. #ValueEngineering #ProductOptimization #Innovation

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2 Lean principles

Lean principles are based on the idea of minimizing waste and maximizing value in any process or system. Waste can be anything that does not add value to the customer, such as defects, overproduction, waiting, inventory, motion, transportation, or over-processing. Value can be anything that the customer is willing to pay for, such as quality, functionality, reliability, or convenience. Lean principles can help you streamline your processes, eliminate inefficiencies, improve quality, and increase customer satisfaction. You can use tools such as value stream mapping, 5S, kaizen, kanban, or poka-yoke to implement lean principles in your engineering projects.

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Rosaline Pahud de Mortanges

Interim Head of AI, Data & Technology
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A data-driven strategy is crucial for success. Data science can streamline processes, providing insights that lead to informed decisions. This optimization reduces inefficiencies, enhances productivity, and improves overall performance. By embracing data science, companies gain a competitive edge, adapting swiftly to market changes. Illustrate real results—improved decision-making, operational efficiency, and a more agile, competitive company. #DataScience #Optimization #DataDrivenStrategy #Innovation

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3 Agile methods

Agile methods are a set of flexible and iterative approaches to software development that emphasize collaboration, adaptation, and feedback. Agile methods can help you deliver products or services that meet changing customer needs and expectations, while also ensuring quality, speed, and innovation. You can use frameworks such as Scrum, Kanban, XP, or SAFe to apply agile methods in your engineering teams. Agile methods can help you optimize the value of your product or service by breaking down complex problems into smaller and manageable chunks, delivering working solutions frequently, testing and validating assumptions, and incorporating customer feedback.

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Shane L.

Product & Engineering Leader | ex-Disney, ESPN
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One of the biggest problems I’ve see with using these frameworks is people getting caught up in running them “to the letter”. Make sure you use what works and don’t try to fit too many square pegs into round holes.

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Rosaline Pahud de Mortanges

Interim Head of AI, Data & Technology
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When it comes to Agile methods, it's about fostering adaptability and collaboration. Embrace iterative development, constant feedback, and flexibility in your processes. Agile isn't just a methodology; it's a mindset that values individuals and interactions, working solutions, and customer collaboration. Incorporate Agile methods to enhance project efficiency, responsiveness to change, and overall team productivity. Let's lead the way in agile transformations! #AgileMethodology

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4 Design thinking

Design thinking is a creative and human-centered approach to problem-solving that focuses on understanding the needs and desires of the users, and generating solutions that are desirable, feasible, and viable. Design thinking can help you optimize the value of your product or service by empathizing with your users, defining their problems, ideating possible solutions, prototyping and testing them, and iterating based on feedback. Design thinking can help you foster a culture of innovation, collaboration, and experimentation in your engineering teams.

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Rosaline Pahud de Mortanges

Interim Head of AI, Data & Technology
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Embrace innovation through Design Thinking! ?? It's more than a process; it's a mindset. Put users at the center, empathize, ideate, prototype, and test. Transform challenges into opportunities by fostering creativity and collaboration. Let's craft solutions that resonate, disrupt, and truly make a difference. Join the journey of design-led innovation! #DesignThinking #InnovationMindset #UserCenteredDesign

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5 Customer feedback

Customer feedback is the information and opinions that you collect from your users or potential users about your product or service. Customer feedback can help you optimize the value of your product or service by providing you with insights into their needs, preferences, expectations, satisfaction, and loyalty. Customer feedback can help you validate your assumptions, measure your performance, identify areas of improvement, and discover new opportunities. You can use methods such as surveys, interviews, focus groups, reviews, ratings, or analytics to gather customer feedback in your engineering projects.

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Shane L.

Product & Engineering Leader | ex-Disney, ESPN
(已编辑)
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Customer feedback and qualitative data are arguably more important than tracking quantitative metrics. They key with customer feedback is two fold: how you ask the questions, and how you track the data. The first is important because if you put junk in, you’ll get junk out. Always ask questions that give factual answers, such as “tell me how you last achieved X”. The second piece is important because you can effectively turn the qualitative data in to quantitative data by keeping track of trends over time. Something as simple as “scale of 1-10 how easy was X” can do. Good luck!

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What are some techniques for optimizing the value of a product or service?

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6

1 Value engineering

2 Lean principles

3 Agile methods

4 Design thinking

5 Customer feedback

6 Here’s what else to consider

Engineering Management

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What are some techniques for optimizing the value of a product or service?

1

2

3

4

5

6

1 Value engineering

2 Lean principles

3 Agile methods

4 Design thinking

5 Customer feedback

6 Here’s what else to consider

Engineering Management

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