What Does Value Mean to You?

How do you define Value? Merriam-Webster’s Full Definition of VALUE is:

1. a fair return or equivalent in goods, services, or money for something exchanged
2. the monetary worth of something :  market price
3. relative worth, utility, or importance <a good value at the price> <the value of base stealing in baseball> <had nothing of value to say>
4. a numerical quantity that is assigned or is determined by calculation or measurement <let x take on positive values> <a value for the age of the earth>
5. the relative duration of a musical note
6. a. relative lightness or darkness of a color :  luminosity

1. the relation of one part in a picture to another with respect to lightness and darkness

1. something (as a principle or quality) intrinsically valuable or desirable <sought material values instead of human values — W. H. Jones>

However, Value varies depending on who you talk to and what you’re talking about specifically. This is conversation, I want you to consider the value of your relationships. For instance, I work in the Logistics and Supply Chain Management industry which encompasses 3PL’s and Transportation Service Providers among others. There are so many options a Procurement, Shipping, or Logistics manager has to choose from to source their transportation needs. Brokers and Carriers are a dime a dozen.

So, how do you measure the value of your 3PL and TSP? Is price driving your opinion? Remember, the cheapest option is seldom the best option. It’s time for a paradigm shift when it comes to your perception of value. It’s time that you begin to compare the worth of your Logistics and Supply Chain Management partners to the price paid or asked for their services. Your partner’s principles or standards of behavior is what is most important. Ask yourself, does your 3PL or TSP reflect your own principles, ethics, moral code, or standards?

It’s necessary to consider re-evaluating your options and begin looking at the bigger picture. Put more stock in how you select your 3PL or TSP, appreciate and respect your partners for their service, accountability, reliability, knowledge, and experience rather than the price they charge. You will likely find that the most valuable relationship doesn’t offer the lowest cost factor but does represent the highest value.

I personally believe in delivering a level of value that cannot be understated. The value I bring to my clients cannot and will not be defined by a numerical amount denoted by an algebraic term, a magnitude, quantity, or number. I can say this because I value the relationships I have with my clients and the people I work with and my relationships reflect this.

What does VALUE mean to you?