How to increase the business value of projects and the organization

Business value is an abstract concept that economists deal with. Today’s business people are also already studying the topics.

And management students hold exams in which the topic of business value is touched upon.

A few years ago, however, the British organization BVOP created a modern view of what exactly business value is. Business Value-Oriented Principles Ltd even made a sample list of the exact activities and phenomena in companies that add business value. Reference: “BVOP business value-added examples explained“. https://phron.org/bvop-business-value-added-examples-explained/

In the article, we describe one by one all the topics and we will also go into detail.

User and customer satisfaction

As one of the most important topics, I think it is “User and Customer Satisfaction”. In my opinion, this is leading both at the very beginning of the project’s life cycle, to have a clear direction and good communication with the clients, and also throughout the project’s development – satisfaction with meeting deadlines, meeting requirements, providing information about the progress, to be sure that their project is developing as they want and above all in satisfaction with the final result.

Innovation

In my opinion, Innovation should be the guiding principle for every single project, team, structure, and organization, because everything and everyone should go only towards development, namely innovation distinguishes development from simply moving forward.
I place innovations in one of the important places because I think they contribute both to a specific project and future ones.

Usability, utility, and value of products

This topic, I consider very importantly, because even if customers are satisfied with the product at first glance, many of them discover its shortcomings at a later stage. Besides the customer’s satisfaction with the final product, its development in the future has a great impact on its manufacturers. If the product created has value, can be useful, and is used to its full potential, this one side guarantees new projects with the same customers, good reviews, and new customers.

A connection between business and people
Even if an organization has the best specialists, if there is no connection between business and people, the implementation of projects will not go smoothly. This, in my opinion, includes both the business and the end user, and the business and its employees. In both cases, it is fundamental to a structure regardless of its scale.

Work processes

Even if all other components are in place, without workflows projects will not be realized. The choice of workflow is very important, but the decision to have one is of utmost importance.

Employee behavior, skills, and maturity
Time to market
Shortened production processes
Reduction of redundancies in the organization and among teams (time, money, labor)
Organizational culture
Human relations
Human Resources
Total contribution

Read more articles on adding business value using the BVOP methodology:
  • [ref: 1]: “How to add business value to your business organization’s projects“, https://brightonbot.com/how-to-add-business-value-to-your-business-organizations-projects/
  • [ref: 2]: “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/
  • [ref: 3]: “Examples of Business value added for organisations, projects and products“, https://mstsnl.net/examples-of-business-value-added-for-organisations-projects-and-products/

20 main examples of added business value

Organizational culture provokes people to be proactive, contribute, share, and be aware of the organization’s business goals.
To achieve this result, I believe the following components are needed: a clearly defined organizational structure and transparency of the organization’s models, goals, and mission

Modernization and innovation

Constant market research, concerning work processes, techniques, tools, employee training, and innovations in the work environment, gives a sense of a modern and rapidly developing organization. More on the topic: “Increasing the business value of projects in the organization“, https://www.mmrls.org/increasing-the-business-value-of-projects-in-the-organization/

People in the organization show respect for each other and work productively.

Transparency in determining the characteristics of each position and clarity in promoting employees. More info: “What is business value: examples and explanations“, https://agileprogramming.org/what-is-business-value-examples-and-explanations/

The number of people leaving the organization is kept to a minimum

A well-built bonus system, the opportunity for career development in every position, and provision of adequate training to employees

Conflicts and negative environment are minimized

Constant communication between management and employees, periodic announcements and clarification of procedures by senior management, and designation of mediators in case of possible conflicts in the teams. Reference: “Business value explained with examples“, https://www.kosovatimes.net/business-value-explained-with-examples/

The image of the organization increases

Providing prerequisites for longer retention of employees in the company, which speaks of security in it.
Advance announcement of working conditions and development opportunities already upon application
Organizations of advertising campaigns in which the employees themselves participate, that is, at all levels of the structure, to show the true face of the organization

Everyone in the organization is constantly improving their personal and professional qualities.

Organization of a personal development plan for each employee (separated from general training) depending on his competence and opportunities for professional development and the needs for the same. Original source: “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/

Team members search for and remove stoves without waiting for management to do so.

Providing an accessible database and guidance for self-resolving issues that would arise during the employee workflow. Periodic renewal of the knowledge database, which can be updated by the employees themselves when discovering solutions by themselves.

Management and team members work together to optimize processes and accelerate development time.

Organization of work meetings to discuss pressing problems in the work process and proposals for their elimination.
Giving suggestions from every single level in the organization. Source: “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/

Expenses are carefully managed and planned

Preparation of initial project budget, descriptions of needs, and argumentation for future costs. Prioritizing expenses, and determining allowable budget overruns.
Periodic budget updates and amendments as needed. Determining the possible profit upon realization of the project

The tools and environment are constantly being improved.
Constant updating of processes, and work tools depending on the needs of the organization. Improvement of the working environment – renewal of the environment, workplaces, and work amenities. Reference: “Business value for managers – How to increase it“, https://medfd.org/business-value-for-managers/

Avoid unnecessary documents, processes, and communications.
Implementation of automation in the organization – automation of schedules, work documents, vacations, applications, etc.

The root causes of problems, defects, and obstacles are analyzed, tracked, and eliminated.
In connection with the technical obstacles of employees – building a Help Center for employees to support the work
Concerning obstacles in the work process – an opportunity for everyone to provide ideas and suggestions that they think would facilitate the work process. Original source: “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.

Clearly define the importance of quality standards. The construction of a system of rules and procedures for each process to support the work of employees and the possibility of their rapid modification if necessary.

Burnout is managed and teams don’t spend too much time on trivial tasks.

Greater flexibility concerning the regulated breaks of the employees and the possibility of changing them if necessary.
Proper distribution of assigned tasks, depending on the competence and interests of the employees. More on the topic: “13 examples of added business value by BVOP.org“, https://www.vbprojects.org/13-examples-of-added-business-value-by-bvop-org/

The 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.
Preparation of documentation and requirements in shorter volumes, with clear prioritization and accompanying instructions. All should be entered in a common register accessible to all employees.

Meetings and discussions do not waste time and always lead to desired results.

Holding weekly meetings between the teams with pre-approved topics for discussion. Preparation of meeting notes recording decisions made and tasks set for information. Reference: “Examples of business value and business value added“, https://wikipedia-lab.org

Product development focuses on the most important goals and needs

The pre-prepared project development plan, and definition of the main goals and needs, matched with the client’s requirements.
Preparation of reports about work processes.

All results, concepts, and product versions are validated with real users and the risk of the unwanted product is limited.

Preparation of a project based on the specifications set by the customers, analysis of previous similar products, and extraction of their shortcomings. Preparation of initial, follow-up, and final analysis of risks and action plan for their prevention and overcoming. Reference: “How to add business value to the product, project, and organization according to BVOP”, https://customessaysonline.net/how-to-add-business-value/

Customer and user satisfaction is constantly increasing.

With the realization of the finished product and its presentation to the client within the deadlines and optimally complying with their wishes. Providing a workable product that has gone through several tests by the teams to minimize possible defects and bugs. Giving the product a longer lifespan once it is on the market. Offering compensations in case of customer satisfaction. Reference: “What is business value? Examples of business value and explanation“, https://customer-service-us.com/what-is-business-value-examples/

Development of the organization at the world level

Preparation of proposals for joint projects with external organizations. The employees and management participated in seminars in other countries. Participation in international conferences and competitions.

By Samantha Rhine

Samantha Rhine, Editor-in-Chief of BusinessPad.org

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