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Business value explained with examples

Business value is an important topic in all business specialties and activities.

Business value is an important part of project management practices. Scrum also mentions the topic of business value with great importance. Business value seems like a simple concept, but it isn’t.

Many professionals in various business and management disciplines don’t understand what business value is. That is why BVOP created examples of business value in 2018. 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/

In the following article, a student in a project management specialty has arranged the topics according to his vision. You will also read a description of the top topics for business value.

Organizational culture

Culture has been a part of human existence since ancient times. Man defines himself as part of a community and its culture, and this is an invariable sign of his existence. Reference: “Business value for managers – How to increase it“, https://medfd.org/business-value-for-managers/

Culture is a need of every person to share, feel and experience what is happening in the world around him and the people around him. In many organizations, corporate culture is an issue that has been overlooked since the beginning.

For many employers the company culture is perceived on the one hand as an unnecessary expense in the monthly budget. This type of company reigns the communist model of government, which is tied to work, work and work again, even after working hours. 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/

There is no emotional and social commitment to employees. It is in such a toxic environment that it leads to a loss of business value in the form of employees, customers, product value, supply, and demand.

Organizational culture for me is the most important thing that a company must build and offer to its employees to have a basis on which to develop in the future thanks to its satisfied employees.

It’s simple, qualified employees are the most important asset for the prosperity of any company. Reference: “Examples of business value and business value added“, https://wikipedia-lab.org/examples-of-business-value-and-business-value-added/

Relationships between business and people

Employees must be in constant contact with innovations, solutions, and optimizations that are carried out in the company. In their face, we must see the people who build the foundations and grow the company over the years.

Thanks to their work, effort, and diligence, the company reaps success, image, and respect among the competition in the market. Reference: “13 examples of added business value by BVOP.org“, https://www.vbprojects.org/13-examples-of-added-business-value-by-bvop-org/

The relationship between business and people must be situated in the rails of professional communication, a high level of information, and commitment for both parties.

Behavior, skills, and maturity of employees

I continue to emphasize the most important factor in any business in my opinion, namely the human factor. Qualification of employees is one of the most important things in the selection of staff.

This is an indisputable fact, but apart from the qualification in the foreground is the weight of the experience, as well as the subjective assessment of the interviewer. 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/

That is, the selection of an employee is always based on a complex assessment and a set of qualities. Without deepening the topic, I want to summarize by saying that the behavior, skills, and maturity of employees are the most important measures of quality and results.

Usability, usefulness, and value of the products

Without an assessment of the usability, usefulness, and value of the products, the investment would be meaningless. 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/

This is one of the most important steps to successfully realize a product on the market and make investing in time and resources profitable.

User and customer satisfaction

This point, in my opinion, completes the main round of successful business. Reference: “How to add business value to the product, project, and organization according to BVOP“, https://customessaysonline.net/

Without satisfied customers who talk about your product, advertise by word of mouth (the best advertisement for centuries). And send positive messages and feedback on social networks, there is no way to talk about business value.

After all the efforts to create a company, product, brand, and its realization on the market, finally, everything is in the hands of consumers. Reference: “Increasing the business value of projects in the organization“, https://www.mmrls.org/increasing-the-business-value-of-projects-in-the-organization/

It is natural that people are different and not everyone will appreciate your product, but here it does not matter if your product manages to create a community of satisfied and satisfied users.

20 main examples of added business value

Organizational culture provokes people to be proactive, to contribute, to share, and to be aware of the business goals of the organization.
Understanding the need to create and maintain an organizational culture by the company owner and senior management. 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/

Modernization and innovation

Broken thinking, technology, awareness, and willingness to take risks by the company owner and senior management.
People in the organization show respect for each other and work productively.

Careful selection of employees who have in common and would work well with each other. Company culture would also be a factor. 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 number of people leaving the organization is kept to a minimum

The attitude from the top management and overall company policy and culture. Conflicts and negative environments are minimized. Controlled work environment by the management.

The image of the organization is increasing

Satisfied employees are the best tool for this purpose.
Everyone in the organization is constantly improving their personal and professional qualities.

Productive work environment and opportunities for development on the part of management. 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/

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

Stimulated team by the management, instilling trust and responsibilities in the face of employees. As well as “rewarding” after every job well done.

When I put the word in quotes, because here we are not always talking about monetary reward, in most cases daily a good word/praise has a much greater power on the mind of the employee. For example “Bravo! Well done. ”

And when it comes time to review salaries, everyone will be able to judge their contribution, what they have done well and what they need to work on, whether they have merit or not. Feedback is the most important thing management can give to employees. More project management articles: https://www.muzonet.com/

Management and team members work together to optimize processes and speed up development time

This is possible with management and administration, who understand the value of their work with employees and how much more value it would contribute to the result.

Costs are managed and planned carefully

Control and planning by management and administration.
The tools and the environment are constantly improving.

View of management, administration, and human resources on the work process and atmosphere. A desire for improvement and satisfaction of employees.

Unnecessary documents, processes, and communications are avoided

A clear vision for work on the part of management.
The main causes of problems, defects, and obstacles are analyzed, tracked, and eliminated.

Analyst department, QA team to devote enough time, resources, and commitment to analyze problems, defects, and obstacles.

Quality standards are followed and implemented without significant loss of time and resources.

A department to analyze and monitor the production process and take the necessary measures to reduce the risk of significant loss.

Fatigue is managed and teams do not spend too much time on trivial tasks

The task of management is to control this factor in the work process.

The documentation and requirements are designed and maintained in an easy and convenient style so that everyone can understand them easily and save time from unnecessary discussions and misunderstandings.

The task of management is to control this factor in the work process.

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

Management to prepare in advance points to be discussed and to allow only the expression of opinion/proposal to improve/solve the problem, and not to express criticism and accusations.

Product development focuses on the most important goals and needs
Built business model and business value of the product.

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

Communication with consumers through platforms, surveys, and personal contact by the marketing department as well as by research of each employee in his circle of relatives and friends.

Customer and consumer satisfaction is constantly growing

A marketing campaign, seeking feedback and constantly offering added value to the product, innovation, and innovation.

More examples of business value

Introduction of an internal company campaign “employee of the month” of each department. Prize fund.

Providing employees with the opportunity for overtime work during the weekend, which will be higher paid.

Creating a campaign of rapprochement with the users and clients of the company by organizing days for visits and getting to know the working environment and technologies.

To offer to anyone who wants to peek “in the kitchen” or “behind the scenes” and immerse yourself for 1 day in the company culture and environment.

This can be done with a marketing campaign on social networks and randomly selecting winners every week.

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