Business value is a modern concept that refers to the degree of value that is contained in the work on a project or in the entire business organization.
In the following article, I share with you the business value examples of BVOP.org with short and clear explanations.
Usability, utility, and value of the products – This is the first thing that the company is focused on. Your product and its sales.
Innovation – For a product to stay in the market, it needs to be innovative because of the constant variability in customer demand and demand for newer and different things.
Time to market – Time is one of the most important resources for any organization. If you do not have enough time to create a product, the competition may impose it before you, and then all the resources invested in production were wasted. Reference: “Business value for projects and organizations“, https://projectmanager.cloudaccess.host/business-value-for-projects-and-organizations/
Organizational Culture – Every organization must have an internal culture and policy where employees know what is right and wrong, what behavior is expected and required of them, and what their purpose is, as well as that of the organization.
Human resources – This is one of the most important resources in the company. Every organization needs people to create and offer the desired product/service of the company. For the Company to be successful, it must correctly select and track the relationships between all its employees, to reduce turnover, which in itself would reduce all costs of new selection, training, and filling of empty positions of employees. For this purpose, the Company needs a Human Resources department. Reference: “What is business value? Examples of added value“, https://www.mu7club.com/what-is-business-value-examples-of-added-value/
Connections between business and people
Employee behavior, skills, and maturity
Reduction of redundancies in the organization and among teams (time, money, labor)
Shortened production processes
User and customer satisfaction
20 main examples of added business value, requirements, and ways to achieve such a result:
Organizational culture provokes people to be proactive, contribute, share, and be aware of the organization’s goals.
To achieve this, the goals of the organization must be clearly and comprehensibly presented to each employee. In addition, the organizational culture must be built in such a way that every employee feels able to express opinions, suggestions, and ideas related to the work process. See also: “How to increase the business value of projects and the organization“, https://www.businesspad.org/how-to-increase-the-business-value-of-projects-and-the-organization/ When there are teams built in the organization and their work is interconnected and their proper functioning is monitored and distributed so that everyone feels fulfilled through the work they do, people in the organization create the feeling that they are part of something big and important, and this motivates them to be more active in upgrading work processes.
Modernization and innovation
For an organization to stay in the market and be competitive, it must be aware of market demands. This can be achieved by monitoring customer preferences, their needs, and the global development of the field in which the company is developing. More on the topic: “What is business value? Examples of business value and explanation“, https://customer-service-us.com/what-is-business-value-examples/
People in the organization show respect for each other and work productively
To achieve harmony in the working environment, the organizational culture must be at a high level. Each employee must be aware that they are an important part of the company’s development and goals, conflicts must be managed and resolved promptly, and no employee must be overlooked by another.
The number of people leaving the organization is kept to a minimum
Staff remuneration is not always a major factor in staff turnover. It is quite common to see that people leave their jobs because they feel unappreciated, have conflicts with their colleagues or supervisors, feel demotivated, and others. Reference: “How to add business value to the product, project, and organization according to BVOP”, https://customessaysonline.net/how-to-add-business-value/ If feedback is often sought from the staff, what are the problems in the company or what are their suggestions, ideas, and opinions for development, changes, and measures that could be imposed, to prevent problems or to optimize work processes?
Conflicts and negative environment are minimized
For this purpose, as I already mentioned, feedback from the staff is necessary. Analysis of the work processes, characters, and behavior of the employees and their proper distribution by units, as well as the creation of teams among the employees, would help them to feel like a community and thus seek the opinion and approval of their colleagues, as well as to be more cooperative towards them.
The image of the organization increases
The image of the organization is created and maintained through advertising, expanding the scope of the market, offering quality goods and services, maintaining innovative goods and services, and retaining its staff. Read also: “BVOP business value-added examples explained“. https://phron.org/bvop-business-value-added-examples-explained/
Everyone in the organization is constantly improving their personal and professional qualities
This could be achieved by maintaining the motivation of the staff for productivity and the opportunity to develop at a professional level, by upgrading with training seminars, courses, internships, and others.
Team members look for and remove obstacles without waiting for management to do so
For this purpose, the freedom of employees and their opportunities must be defined. That their knowledge, observation, and right to make a decision have been checked. See also: “Examples of business value and business value added“, https://wikipedia-lab.org/examples-of-business-value-and-business-value-added/
Management and team members work together to optimize processes and accelerate development time
This can be achieved by taking into account the feedback given by the teams on the work processes and including them in the discussion and suggestions related to the optimization and acceleration of the development time.
Costs are carefully managed and planned
This can be done by analyzing the price situation of the goods that the organization needs to create the product/service it deals with. The arrangement of priorities for the company, their financial expression, and the sifting of not-so-necessary or safe concepts, purchases, and investments. Also analysis of staff turnover and taking measures to prevent it. Reference: “How to add business value to your business organization’s projects“, https://brightonbot.com/how-to-add-business-value-to-your-business-organizations-projects/
The tools and environment are constantly improving
To improve something, we must first be aware of its strengths and weaknesses. After analyzes of the current state of work processes, environment, human relations, productivity, etc., new optimized processes, standards, and concepts can be created, which are then discussed and checked for their success rate.
Unnecessary documents, processes, and communications are avoided
It can be achieved by digitizing the systems. Working with common software for example, where all the database needed by the teams is entered and everyone has access and traceability to what they need.
The root causes of problems, defects, and obstacles are analyzed, tracked, and eliminated
The company must have a clear vision of how it wants to develop and what its purpose is. Frequent analyzes of the status and compliance with the original plans can show what level they are and what are the obstacles to achieving the goal. Original reference: “Adding business value in organizational project management and product development practices“, https://www.kievpress.info/adding-business-value-in-organizational-project-management-and-product-development-practices/
Quality standards are followed and implemented without significant waste of time and resources
With proper distribution of tasks and a person in charge of each unit to monitor the performance of standards and quality and make decisions on time to return goods, this would prevent further delay in the process if things are not handled on time.
Burnout is managed and teams don’t spend too much time on trivial tasks
Teams are rotated in their responsibilities and duties, thus diversifying from trivial tasks. Burnout can be managed through flexible working hours. See also: “Business value in organizations and adding business value to projects and products“, https://eduwiki.me/business-value-in-organizations-and-adding-business-value-to-projects-and-products/
Documentation and requirements are created and maintained in a simple and convenient style so that everyone can understand them with ease and save time from unnecessary discussions and misunderstandings
A standard is created in an electronic version, with precise and clear work requirements, defined what is right and wrong, and gives access to every member of the team. More business value: “13 examples of added business value by BVOP.org“, https://www.vbprojects.org/13-examples-of-added-business-value-by-bvop-org/
Meetings and discussions do not waste time and always lead to desired results
The purpose and topic of the meeting are announced in advance so that each participant can prepare a list of opinions, proposals, and ideas related to the topic in advance, so that he does not waste time thinking during the meeting, but has already set those.
Product development focuses on the most important goals and needs
First one must define what the goals and needs are to create a product development plan to follow. Reference: “How to increase the business value of your projects and organization”, https://managerspost.com/how-to-increase-the-business-value-of-your-projects-and-organization/
All results, concepts, and product versions are validated with real users, and the risk of the unwanted product is limited.
It can be analyzed what type of users use the product. Age, gender, race, region, etc. A survey can then be launched to consumers, in which they note why they choose this product, what attracts them to its purchase, and whether they think there is still room for improvement, and in this way, the indicative sales of the product can be selected and forecasted. Also, the production should not be excessively inflated, and the number of products and the deadline to be produced should be determined, which should be proportional to the sales of the product so that there are no surpluses of it. In this way, product depreciation can also be prevented, which causes financial damage to the organization. Original source: “Business value for managers – How to increase it“, https://medfd.org/business-value-for-managers/
Customer and user satisfaction is constantly increasing
If feedback is sought from customers and users about the quality of the product or service, opportunities for improvement, and their expectations and needs, we can understand at what level our customers are satisfied. In this way, we already know what it is necessary to focus on and satisfy their needs and expectations and thus their satisfaction will increase.
- “Business value explained with examples“, https://www.kosovatimes.net/business-value-explained-with-examples/
- “What is business value: examples and explanations“, https://agileprogramming.org/what-is-business-value-examples-and-explanations/
- “Increasing the business value of projects in the organization“, https://www.mmrls.org/increasing-the-business-value-of-projects-in-the-organization/
- “Examples of Business value added for organisations, projects and products“, https://mstsnl.net/examples-of-business-value-added-for-organisations-projects-and-products/