For those of us that live in the world of delivering legal services, there is a clear and growing demand for talent that has experiential knowledge and proven results with cost reduction or value creation.
Personally and professionally, I’ve always preferred the world of value creation. I find creating value more intellectually stimulating, creative and personally rewarding.
In addition, I prefer the high margins and gross profit of the value driven business, which allows me greater freedom to reinvest in The Cowen Group and continually offer greater and greater value to prospects and clients.
If you want to have a career in which you are continually marketable, relevant, and perhaps even indispensable, then you need to be crystal clear on which path you’re on and which type of organization you work for.
It’s a choice.
“Organizations that want to increase their metrics either invest in: creating more value for their customers, or doing just enough to keep going, but for less effort and money. During their first decade, the core group at Amazon regularly amazed customers by investing in work that created more value.
When you do that, people talk, the word spreads, growth happens. Inevitably, particularly for public companies, it becomes easier to focus on keeping what you’ve got going, but cheaper. You may have noticed, for example, that their once legendary customer service hardly seems the same, with 6 or 7 interactions required to get an accurate and useful response. This happens to organizations regardless of size or stature. It’s a form of entropy.
Unless you’re vigilant, the apparently easy path of cost reduction will distract you from the important work of value creation.The key question to ask in the meeting is: Are we increasing value or lowering costs? Race to the top or race to the bottom, it’s a choice.”