September 2017 Tip: Translation
September 2017 Tip: Translation
At the heart of the IMPAX Process is the Business Fit, and we define it as, "How two (or more) companies, working together, can assist the customer in attaining business objectives, implementing strategies and/or resolving issues." Determining the Business Fit requires strong customer knowledge and an understanding of your own company's capabilities, beyond simply your products and solutions. Next comes the "Translation" step...
One definition of Translation is, "to change words from one language to another language; to explain something in a way that is easier to understand".
Here is what Translation means to us:
First, we gather the right knowledge of the customer by asking business and solution research questions
Second, we determine which objectives, strategies and/or issues we can truly affect, and ask financial impact research questions so as to be able to quantify our joint efforts
Third, we decide which combination of our capabilities we'll leverage and how we'll leverage them in order to help the customer drive results
Finally, we develop business fit statements that articulate the impact of our joint efforts.
When Translation is done right, it can take our value statements to a new level. We can go from:
"We can help you improve safety."
to:
"Together, we can leverage a series of best practices, process mapping and training to drive down lost time injuries by up to 60%. This will lead to a cost savings of approx. $9 million/year by driving down workers' comp and health insurance payments, as well as a corresponding increase in employee satisfaction scores..."
Too often, we talk to customers about value in our language and assume they'll connect the dots to figure out the impact to their business. The second statement above is an example of Translation, where we quantify our value in language our customer can appreciate!
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