There’s a good article in Vanity Fair about the scandal at Valeant, the pharmaceuticals maker. NPR has also covered this for those not interested in reading. http://www.vanityfair.com/news/2016/06/the-valeant-meltdown-and-wall-streets-major-drug-problem The part that has everyone up in arms has to do with their pricing strategy. The examples given are Syprine and Cuprimine, for treating Wilson’s disease: [F]or years, Merck, the big pharmaceutical giant, owned these drugs and sold them for a dollar a pill. And then Merck sold these two drugs to another firm, who then in turn sold them to Valeant, and Valeant began to hike the price of the drugs. Today
I was the guest on Tom D’Auria TechTalk on KFNX in Phoenix on Sunday afternoon, where I talked about how data science is bringing artificial intelligence into the business and home today. It was a great talk about where AI and data science are today, who’s doing it, and where it’s going. You can catch the answer on the IMI Tech Talk podcast! Image by Zdjęcie autorskie / Wikimedia Commons.
This is part of a series on strategic planning focusing on the mission, vision, and values. For the rest of the series, please see: Part 1: Mission, Vision, and Values Part 2: The Mission Statement Part 3: The Vision Statement Part 4: The Values Statement Over the last week, I’ve outlined the differences among the mission, vision, and values statements in strategic planning. While difficult and time consuming, this is only the beginning of strategic planning. I only intended to cover those three pieces, but I do want to give a shout out to setting goals and objectives, the next
Finally, we take a look at the values statement. The mission tells us what we do and the vision statement tells us why we are doing it. The values statement tells us how we are doing it. It provides an abstract interpretation of how we conduct our business and operations. In our coffee shop example, some of these were ideas were captured in the mission statement. There, we used some adjectives (great, delicious, and amazing) to describe our coffee, food, and community. But this isn’t really the same. Those are targets for delivery, not a decision-making framework. Regardless of our
Next we want to talk about the vision statement. The vision statement is distinct from the mission statement. If the mission statement tells us where we are, then the vision statement tells us where we are going. I prefer a different analogy, though. The mission statement tells what we are doing. The vision statement tells why we are doing it. It finishing the sentence that begins, “We imagine a world where…” That can be a difficult sentence to finish. Image our coffee shop example from before. When we said we are here to make great coffee, we didn’t give a
Mission statements explain what you do. They are simple and elegant statement. For instance, let’s assume we are creating a mission statement for a hypothetical coffee shop, which will call the Coffee Machine.1 The mission statement explains what the Coffee Machine does in plain English. It should also be short. Some mission statements run on and on and encompass vision and even values. Let’s write a simple one for the Coffee Machine. The Coffee Machine provides great coffee and food for our neighbors. Its elegance is striking. Of course, the rule of threes can be used to provide a stronger