What Do We Mean When We Talk about Value?
Jinfo Blog

By Shimrit Janes

Abstract

The concept of Return on Investment (ROI) is a loaded one, that many information professionals dread. How can you demonstrate a tangible financial benefit for those products and services that you purchase on behalf of your organisation? Luckily, there is a way of broadening out the conversation into a wider one about value and what it means to your stakeholders. An in-person FreePint Community of Practice gathered in London in May to share their experiences, and learn that they are not alone in their challenges.

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A problem shared is a problem halved, so the saying goes.

For information professionals - who are often challenged with issues such as budget, engagement, and resources - the sharing of challenges within a peer network can be an invaluable source of not only solutions, but also validation. To find that you are not alone in your experiences and that others have faced and overcome similar issues to you can be empowering.

For the in-person FreePint Community of Practice sessions (CoPs) that were held in May in London this year, that theory came to life. Held over the course of a day, three sessions covered: discussing "value" amongst a group of buyers; followed by a session for vendors only; and rounded off with a joint buyer/vendor discussion on transparency.

Safe and Confidential Space for Sharing and Learning

The first session, looking at value, provided a safe and confidential space through which participants could listen to key insights from FreePint's director of research, Robin Neidorf. They were also able to work through a number of practical exercises, and also share their own case studies and experiences with each other.

Leading the session, Robin guided the group through some key areas that constitute value, showing how context is everything. Key to defining value is the ability to facilitate meaningful conversations with key stakeholders, in order to support business cases for key content and services.

A useful framework emerged, providing four key components of value based on:

1. Stakeholders: making sure you know who they are, and nurturing your relationships with them

2. Objectives: knowing what it is that you and your stakeholders are seeking to achieve

3. Data collection and analysis: identifying the most appropriate metrics to be able to measure "success"

4. Communication: good communication underpins the other three components, helping you work closely with stakeholders and also increasing your visibility around the organisation.

The Value of Sharing

The experience itself proved a useful one for participants, with tips and tricks shared, as well as trends emerging around challenges.

It also emerged that there is a changing role for information professionals, as they move more towards adopting consulting positions within their organisations.

Editor's Note

FreePint Subscribers can log in to read and share more in Shimrit Janes' article, Four Components of "Value" Essential for Meaningful Conversations with Stakeholders.

Find out about upcoming FreePint Community of Practice events around value by visiting the FreePint on Eventbrite page.

A FreePint Subscription at the Community level gives access to all FreePint Communities of Practice as well as all FreePint Content.

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