Institition’s Innovation Council (IIC) of ITS Engineering College organized Seminar on Achieving “Value Proposition Fit” & “Business Fit” on 28 June 2023. The event started with welcome address by Dr. Rajiv Ranjan, IIC Convener, ITSEC Greater Noida. The resource person Ravi Gupta, Consultant, Institute for Industrial Development (IID) New Delhi, discussed that Value proposition fit is the degree of match between what you offer and what your customers want. It’s not enough to have a great idea or a unique feature; you need to validate that your value proposition resonates with your customers and addresses their most important jobs, pains, and gains. Value proposition fit is not a static state; it’s a dynamic and iterative process that requires constant testing and learning. The value proposition canvas is a transformative approach to understanding value and designing products or services that customers want.
Gupta also explained the “Business Fit” and defined it as “how two companies, working together, can support the customer in driving critical business outcomes”. These outcomes typically pertain to the customer’s critical business objectives, key strategies, and pivotal issues.
A fit-gap methodology is used to identify the areas in which the newly planned system or a business process for an organization fit or doesn’t fit according to the needs. It basically determines the components that FITS into the business goal and GAPS that need to be fixed.
The main motive of a fit-gap analysis is that it works to find out the best practices in an organization that is well aligned with its needs and goals. This includes the day-to-day working systems and operations within the organization, which is being evaluated for their efficiency to be fruitful towards the organizational intentions. Attendees understood the concepts of “Value Proposition Fit” & “Business Fit” and methods to achieve the same. The event was very effective to make participants understood the methodologies for achieving “Value Proposition Fit” & “Business Fit”.Dr. Akhilesh Kumar Misra, HOD- MBA ITSEC concluded the event and gave the vote of thanks.
