Business value is an economic term that has clearer examples today thanks to the precise definitions created by Business Value-Oriented Principles Ltd (BVOP.org).
The report shares all 20 topics of BVOP’s business value and offers clear additions and details on the topics.
20 examples of BVOP business value
Human relationships are extremely important to me when we talk about building a product. If there is no cohesive team to pursue a common goal, the people in this team to feel the rest not as a competition, but as people who can be relied on, then the project can succeed. Therefore, I believe that a well-built team with balanced and good human relationships would achieve much more than highly ambitious and competing people.
In order for a project to be successful, we must have some style of work. For this reason, I put this business value in second place. When there are no well-established work processes, the most common phenomenon that occurs is anarchy. This is followed by a lot of side effects such as demotivation in people, the lack of clarity about what happens and even the reluctance of people to do their job. Since I’m also very interested in programming, I came across a book that described that programmers shouldn’t be afraid of processes and that they should follow, say, a release process. I think the analogy is similar – a well-established work process makes it easier for people and helps them feel more confident and relaxed.
Behavior, skills and maturity of employees
When employees in a team and in a company as a whole observe good behavior, have skills and qualities that help them cope in different situations and show maturity in different situations, it shows that the people in the company are professionals who treat with respect to what they do. It is important for the people in an organization to observe a certain style of behavior and attitude towards their colleagues and the work they do, because in this way the communication between everyone in the company is facilitated. For this reason, for me, this is the third most important business value.
Each member of a team must contribute to the project moving forward, evolving and progressing. Each of us, as members of the team, aims to help our colleagues, to give the maximum of ourselves and to show our desire to achieve the common goal. For this reason, I put this business value in fourth place.
Usability, usefulness and value of the products
Because here I can say from the point of view of a software engineer my position – it’s an amazing feeling when you see how something you’ve developed sees the light of day and people use it and are happy with it. This is what motivates you to move forward, to develop and to give even more of yourself. For this reason, it is important to me that the products that are being developed are useful to people, used and satisfied. That’s why this business value is also in the top 5 of my most important business values.
Organizational culture provokes people to be proactive, to contribute, to share and to be aware of the business goals of the organization – for this to happen it is necessary for employees to be actively involved in communication between customers and understand the basic requirements and business goals of project. When a person is aware of the requirements and knows the basic intricacies of the project or product he will develop, he can proactively participate in various discussions, express opinions and be able to help improve this product / project.
Modernization and innovation
We live in a dynamic world of continuous modernization and new technologies. In order for this to happen, a company must invest in using new technologies, new methods and techniques, the company itself must not be afraid to take risks and move towards innovation and new technologies. This is the basis of this point – investment in new technologies, the lack of fear of taking risks and giving more chance to new technologies.
People in the organization show respect for each other and work productively
The main role here is played by the selection of staff. It is for this reason that when people are hired, they go through an interview with a person from the human resources department. The main idea is to understand whether a person is communicative, open to other people and to new ideas that would be offered by other people. The extent to which a person is willing to tolerate criticism and listen to advice is also part of the study. It is for this reason that in order for people to show respect for each other and work productively, these people must first be at a relatively similar level. Another factor that influences is that respect is not imposed, it is earned. Each employee must be able to both defend their opinion and listen to the opinions of others and work together as a team to achieve a common goal.
The number of people leaving the organization is limited to a minimum
When an organization offers good working conditions, invests in new technologies, offers challenges to its employees, provides an environment with reduced conflict, then the number of people leaving the organization will be minimized. Of course, each person has different ideas of good and bad, and therefore there is no way a company can be good for all employees, but dissatisfaction must be minimized.
Conflicts and negative environments are minimized
It depends entirely on the policy and perceptions of a company. Surveys, surveys, providing a favorable work environment would reduce the impact of the negative environment to a minimum. Of course, there is no way to completely avoid conflicts in teams, but each member of these teams must understand that it is not conflicts that solve problems, but cohesion and the pursuit of a common goal.
The image of the organization is increasing
The development of good and quality products, maintaining a good price is the basis for increasing the image and reputation of an organization. Employees are also actively involved in building the company’s image.
Improving the personal qualities of employees
Everyone in the organization is constantly improving their personal and professional qualities – one must strive for self-improvement, development and enrichment. The courses, the training are a step in this direction.
Team members remove their own obstacles
Team members seek and remove obstacles without waiting for management to do so – a well-organized and developed team is a step in the right direction for the team to remove obstacles on the way to achieving the goal. Many people are used to blaming others for their failures, but very rarely do they think about what they actually did to make something happen. For this reason, it is important for the organization to select people who have a clear self-esteem, are willing to accept the negatives and understand that everything is in their hands.
Management and team members work together to optimize processes and speed up development time – as I mentioned above, a well-organized team is based on optimizing processes and speeding up development time. One framework that would help with this is, for example, Scrum. His main idea is for the team to become a well-functioning machine that can cope with difficulties on its own and walk the path to success.
Optimal cost management
Costs are carefully managed and planned – the appointment of financial advisers who have a clear view of which investment is worthwhile and which is not a step in the right direction. However, the company’s management must also take responsibility and consider carefully which investments are worthwhile and which are not.
Improving tools and the environment
The tools and the environment are constantly improving – again, it all depends on the company and how open it is to changes or not. Many statistical studies show that people are often afraid of change. For this reason, there are companies that prefer to rely on security instead of investing in development and innovation. This is the brake on the company constantly improving. If an organization wants progress, improvement and development, it must be willing to take risks and invest in innovation and new technologies.
Avoid unnecessary documentation
Unnecessary documents, processes and communications are avoided – documents, processes and communications are quite useful, but when used in moderation. If a company focuses too much on the implementation of a process, it loses the general picture that this process may even correspond to the mentality and understanding of people. In module 3, where we talked about the mentality of the west and the east, there is a direct example of this. Excessive communication and meetings also exhaust people. For this reason, everything should be in moderation.
The main causes of problems, defects and obstacles are analyzed, tracked and eliminated – each of us makes mistakes. We are living beings and each of us has made at least one mistake in our lives. However, we must not stop, on the contrary, we must move forward. For this reason, errors need to be analyzed and discussed. A step in the right direction here is the creation of general meetings to discuss the reasons for the given mistake, to discuss why the given situation happened, without pointing the finger at the culprit.
Quality standards are followed and implemented without significant loss of time and resources – there are several solutions here to achieve this goal. Many companies still have a so-called quality control department. This department aims to monitor whether quality standards are met. While they are verifying, new ideas and projects are being developed and so the processes can go in parallel. Another option I can give as an example from software companies is for developers to be both programmers and testers. Why is this happening? In this way the feeling of ownership of what you have built is built and you take responsibility for its quality. This process also does not waste a lot of time and resources, because an engineer can develop some functionality himself, test it and deliver it, while his colleague develops other functionality.
Exhaustion is managed and teams do not spend too much time on trivial tasks – the most important thing is that team leaders ensure a balanced lifestyle for their employees. A job that is filled with too much stress or a job that involves performing mechanical and trivial tasks is not a step towards success. Most often, employees in such companies are quite demotivated and unwilling to contribute to the common goal.
The documentation and requirements are created and maintained in an easy and convenient style, so that everyone understands them easily and saves time from unnecessary discussions and misunderstandings – a well-developed product documentation leads to much easier maintenance afterwards. For this reason, as soon as a functionality is developed, it must be documented immediately and this documentation must be kept alive at all times.
Meetings and discussions do not lead to a waste of time and always lead to desired results – the goals of the meetings are mostly related to achieving certain results. When a meeting does not have a plan, an agenda and people are not prepared for it, this meeting becomes totally meaningless. Therefore, the organizer of the meeting has several important goals – building an agenda, selecting the right people to attend the meeting, selecting questions and a clear focus on what we want to achieve with this meeting.
Product development focuses on the most important goals and needs – as we know, in today’s world it is the customer who dictates the rules. If the organization is guided by the wishes of the client, it is flexible even if the client changes its requirements, then the company is focused on the most important things for a client in this time interval.
All results, concepts and versions of the products are validated with real users, and the risk of an unwanted product is limited – the main tester of our products is the customer. It is he who says whether a product is good or not. Gathering feedback from the customer is the way we can validate whether what we have developed is really liked. The risk of an unwanted product is limited when we do marketing research and understand the desires of our customers. Only in this way will we keep up with their wishes.
Customer and consumer satisfaction is constantly growing
Building quality and good products is a step in the right direction.
How to add business value to your business organization’s projects, brightonbot.com
Business value is a concept of economics and business disciplines that gives an abstract explanation of essential activities in business processes…
13 examples of added business value by BVOP.org, www.vbprojects.org
Business Value-Oriented Principles Ltd (BVOP) has created 13 themes for adding business value to organizations, teams, products, and projects…
20 topics of business value created by BVOP and explained with examples, projectmanagement.jdevcloud.com
In 2018, BVOP.org officially published the 20 topics of added business value in organizations, projects, and teams. Reference: Business value in organizations and adding business value to projects and products…
What is business value and how to increase it in our projects and organization, phron.org
The following article describes business value not as an abstract, economically useless term but as a real value for our projects, products and organization. We can purposefully increase business value by working hard and taking concrete actions…
Examples of business value and business value added, wikipedia-lab.org
The following business value examples are created by BVOP (Business Value-Oriented Principles) and demonstrate how business value can be increased for a project, product, or entire organization…
Business value is a popular term from the economic and business sciences. BVOP transformed this idea and created a modern and practical approach for adding real business value to projects…
There are 24 main examples of the added value of BVOP with a short explanation: Organizational culture provokes people to be proactive, contribute, share and be aware of the business goals of the…
Developing your organization, projects, and products by delivering business value by optimizing workflows and seeking good and adequate team management and product development…
Business value is an economic term, but nowadays there is a practical application for companies, projects, and products being developed…
The PolicyMatters.net magazine has a detailed publication on the same topic: Managing business organizations and adding business value. An Agile Manager’s Guide to the Theory of BVOP.org You definitely need to read it.
BVOP is the abbreviate of Business Value-Oriented Principles.
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