Business value is an economic concept but today it is also very popular in project management practices.
Agile Project Management and Scrum Framework have introduced business value to ordinary users and software development companies.
Despite the popularity of the term business value, many people still do not understand the practical meaning. In this article, we present the examples of business value created by BVOP.org in 2018 and share more explanations.
Business value and the work processes
Workflows are the engine of a structure. They provide employees with a base to follow and upgrade, optimize and automate so that it is useful to them, not to waste time, focus on the main things, and be able to prioritize them. Reference: “Business value explained with examples“, https://www.kosovatimes.net/business-value-explained-with-examples/
The role of human resources comes here with all the compensation, training programs, recruiting the right candidates, motivating and giving the appropriate remuneration so that the employee can get up every morning eager to work and give his best for the prosperity of the organization, for which works. Reference: “How a project manager increases the business value of his project“, https://newia.info/how-a-project-manager-increases-the-business-value-of-his-project/
Human relationships are very important in a structure. The more the moral and ethical norms of behavior are observed and the employees treat each other with respect, the more good results and cohesion of the team will be achieved. Reference: “Business value for managers – How to increase it“, https://medfd.org/business-value-for-managers/
For certain processes to exist and work, there must be an organizational culture. The more organized the teams, the better the processes will work and the productivity of employees will grow, as well as their productivity.
Relationships between business and people
There is no way a business can exist if we do not have the right culture and policy for the relationship between business and people. How we understand the business, how we define our strategies and goals to achieve and build a network of satisfied and always using the services and/or products of an organization. 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/
Business is a difficult concept to understand and with the right organizational structure, a highly qualified and motivated team that follows a process can be successful and set the right goals.
Other topics of business value examples are
Consumer and customer satisfaction
Behavior, skills, and maturity of employees
Time to reach the market
Shortened production processes
Usability, usefulness, and value of the products
Reduction of surpluses in the organization and among the teams (time, money, labor)
People in the organization show respect for each other and work productively
Part of the code of ethics should be for employees to show respect for each other. Reference: “Examples of business value and business value added“, https://wikipedia-lab.org/examples-of-business-value-and-business-value-added/
Talking more often with employees, organizing different games, challenges in which to work with each other, would contribute to their cohesion and the corresponding development of the ability to respect each other and help each other. Reference: “13 examples of added business value by BVOP.org“, https://www.vbprojects.org/13-examples-of-added-business-value-by-bvop-org/
The number of people leaving the organization is kept to a minimum
In order not to have a large turnover of people and all employees to be satisfied with the company in which they work, I offer the following activities:
- Motivating bonus system
- Motivating social benefits
- Hiring highly qualified managers to train employees, understand them, talk to them, encourage them and show them the right way to develop
- Motivational program for employee of the month, a lottery for every team that can win something and everyone to be challenged to be diligent in their work and show good results
- Conflicts and negative environments are minimized.
- More conversations with employees
- More team building to unite staff
- Creating a program for the values and vision of the organization, which makes it clear that tolerates the friendly atmosphere and respect for employees to each other Reference: “What is business value and how to increase it in our projects and organization“, https://phron.org/what-is-business-value-and-how-to-increase-it-in-our-projects-and-organization/
- In case of conflict, always use a diplomatic approach
- The more satisfied employees, the more positive atmosphere
- The image of the organization is increasing.
- More competitiveness and satisfied employees
- Winning awards for the best company in the industry
- Organizing charity activities
- Participation in the Career Days and in various events to present career development
- PR Campaigns
Everyone in the organization is constantly improving their personal and professional qualities
- Training platform
- Wellness sessions
- Team members search for and remove obstacles without waiting for management to do so.
- Self-initiative of satisfied employees
- An association of satisfied employees in the company can be made to constantly motivate others and present them with the advantages of the company.
- Management and team members work together to optimize processes and speed up development time. Reference: “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/
- Free communication between management and employees
- Consult the management to the employees to hear their opinion, ideas
- Organizing Brainstorming sessions
- Assessment sessions, where the feedback of employees to managers is also assessed. Reference: “How to add business value to the product, project, and organization according to BVOP“, https://customessaysonline.net/
Costs are managed and planned carefully
Highly qualified employees in the finance department who closely monitor all budget resources, investment projects, staff costs, bonuses, and how they should be managed. Reference: “Increasing the business value of projects in the organization“, https://www.mmrls.org/increasing-the-business-value-of-projects-in-the-organization/
Accordingly, the Budget Plan and Strategies are discussed by all department managers in order not to harm a particular department.
The tools and the environment are constantly improving
Using the right methodology to improve the processes in an organization is essential
Feedback from employees – attitude and behavior
Operating systems and modern technologies – what resources are needed for the processes to function well and how they are supported by the environment. 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 management structure/management and how they manage human capital, how they develop it to have a good performance of the company and achieve its goals
Unnecessary documents, processes, and communications are avoided
Process optimization – introduction of a cloud service structure or server structure for storing online documents, automated processes, etc.
A plan for storing employee files and continuously improving this process
Introduction of a program for monitoring the working hours of employees, preparation of automatic reports, etc. Reference: “Examples of Business value added for organisations, projects and products“, https://mstsnl.net/examples-of-business-value-added-for-organisations-projects-and-products/
The main causes of problems, defects, and obstacles are analyzed, tracked, and eliminated.
Creating a hotline or support email about employee complaints, misconduct, damage to their dignity, etc. – Trace these problems and prepare a plan, how to solve them and what actions should be taken
The client’s voice – in the same way preparing a questionnaire for clients or creating a support team to deal with their problems to analyze them and accordingly help them solve their problems. 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/
Timely reactions and action plan
Quality standards are followed and implemented without significant loss of time and resources.
Regular audits or regular monitoring of the proper and quality performance of work processes and their standards. Logical sequence of stages, steps, prerequisites, methods, techniques, results, as well as an applicable plan for improving the processes in an organization. More on the topic: https://www.muzonet.com/
Fatigue is managed and teams do not spend too much time on trivial tasks.
- Organizing and prioritizing tasks, as well as automating time-saving processes.
- Prepare a vacation time plan so that employees do not get tired.
- The documentation and requirements are created and maintained in an easy and convenient style so that everyone can understand them easily and save time from unnecessary discussions and misunderstandings.
- Building a framework structure and templates to facilitate the work process, as well as creating more examples of following all the requirements for record-keeping, so that everything can be understood as easily as possible by employees and accordingly applied to the requirements of the respective process. – Diagrams, block diagrams, presentations, etc.
- Meetings and discussions do not waste time and always lead to desired results.
- Regularly organize personal sessions with employees so that they can understand how they feel, what they need, what challenges they face, what problems they have, and find a solution together
- Always prepare a plan and prioritize topics
- Team rallies, where all important topics and problems are discussed and a significant result is reached
Product development focuses on the most important goals and needs
- Using different channels about customer needs
- Inquiries through marketing questionnaires
- Introducing innovations in products according to customer needs
- Participation in various exhibitions and acquaintance with the needs of end-users and respectively preparation of a plan for improving the products according to their needs
- All product results, concepts, and versions are validated with real users, and the risk of an unwanted product is limited.
- Continuous communication with end-users
- Marketing research
- Monitoring customer trends and needs
- Customer and consumer satisfaction is constantly growing.
- Using different types of campaigns according to customer needs
- Automation of sales and delivery processes
- Offering promo prices of the products
- In case of complaints, compensation, and compensation to the client
- Preparation of various games and challenges for customers to satisfy them and achieve loyalty
Preparation of a crisis plan with points and strategies to be used during crises and pandemics, which do not lead to complicated processes, loss of highly qualified personnel, reduction of salaries, etc. Allocating a budget for such situations.
Presentation of a hybrid model of work with the option to work from home during a pandemic or as an option to work from home and office 50 to 50.
The organization of team rallies walks in the mountains, various games, and others reduce employee satisfaction, contribute to its productivity and team cohesion.