What does VOB stand for?
VOB stands for expectations and needs are often derived from financial data. The stockholder’s needs could be expressed in dividend growth, P/E ratio, or an increase in the stock price. The top leadership may be concerned about profits, market share, return on capital invested, and direct and indirect costs. Your VOB may want to see more than financial data. They might also be interested in your NPS (net promoter score), customer ratings, and employee feedback.
Once you have a clear understanding of your macro VOB, it is time to dig down to the processes that are supporting your desired outcomes. This will often be the basis for any team or process improvement efforts. It is important that you and your company overlap your VOB and your VOC at some point. They will likely clash. Senior leadership must decide how to balance these conflicting voices.
What is the importance of understanding what VOB stands for?
It doesn’t matter if you don’t know how to measure it. It is impossible to fix it if you don’t understand it. This is why it’s important to clearly define your VOB and understand it.
Make better data-driven decisions
It is impossible to rely on a subjective definition for your VOB. Your VOB must be both objectively and quantitatively described so that everyone can understand what it means.
Orient your processes
Once you have a clear understanding of what your VOB stands for, you can link it to the specific processes that you need to improve in order to fulfill your VOB’s needs, wants and expectations.
Your efforts should be linked
It is important to be able to understand your VOB. You also need to know your VOC, VOE, and VOP. You must look out for conflicts and overlaps, and either eliminate them or minimize them. Otherwise, you could endanger the future health of your company.
Voice of the Business
Financial information and data are the keys to the voice of a business. Analysts can analyze the financials to identify market weakness, investment capital utilization, the status of research and development, and process complexity. Understanding the voice and strategy of the business is key to identifying projects that can help move the company closer to its goals.
Once you have a clear understanding of your VOB, you can link it to the specific processes that you need to improve in order to fulfill your VOB’s needs, wants and expectations.
It is important to be able to comprehend what your VOB stands for. You also need to understand your VOC, VOE, and VOP. You must look out for conflicts and overlaps, and either eliminate them or minimize them. Otherwise, you could endanger the future health of your company.
Your voice of business (VOB), is what people think about your company. They are focused on quantitative metrics. To help determine the company’s success, data is collected, analyzed, and defined.
