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- W2184719528 abstract "ITT Industries is a $7.4 billion diversifi ed manufacturer with approximately 40,000 employees globally. The company’s Management System is built around several value-based tools, all designed to help the company make decisions, improvements and products that directly support its business goals. One of these value-based tools is Value-Based Product Development (VBPD). The goal of VBPD is to drive organic growth through new product offerings with unrivalled customer value. VBPD was launched in 2000 and has helped ITT move up the list of premier multi-industry companies in terms of new product sales measured as a percentage of overall sales. VBPD is a true Value Management Programme owned by a specially appointed deployment team reporting directly to top management. The deployment team comprises of VBPD champions from the different business areas within ITT. The VBPD programme also has established procedures for the training, practice and implementation of new Value Management tools on a global basis. The two main components of VBPD are the Stage-Gate process and the Nimba Value Model. The Stage-Gate process focuses on selecting the right portfolio of business projects and then effectively executing those opportunities to drive organic growth. The Nimba Value Model guides the development work to a clear customer value focus, based on functional thinking. A cornerstone in the implementation of the VBPD programme has been that people are invited to bring their own products and projects to the training. For example, people are trained in formulating user-related functions for their products and making functional models to describe how value is delivered to the customer before diving into details of technical solutions. Parallel to training on strategic product development, employees also receive support and coaching to enhance positive human dynamics in their cross-functional product development work teams. At the VBPD symposium in October 2004, attended by more than 500 ITT Industries employees, Steven Loranger, newly appointed CEO, made the following comment:" @default.
- W2184719528 created "2016-06-24" @default.
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- W2184719528 date "2007-01-01" @default.
- W2184719528 modified "2023-09-26" @default.
- W2184719528 title "HOW TO DESIGN AND IMPLEMENT A GLOBAL VALUE MANAGEMENT PROGRAM TO DRIVE ORGANIC GROWTH" @default.
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- W2184719528 hasPublicationYear "2007" @default.
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