Business value is a general concept from business and economics that describes activities and activities that bring value to your business, product, and service.
A few years ago, BVOP created its business value topics, and the Project Management Academy teaches them to its students enrolled in PMA’s project management course.
We present to you the work of a student in the project management discipline, who shares his views with examples of the topics of business value, created for the BVOP.org website.
Examples of business value, ranked by priority
The priority order of the mentioned topics is not particularly easy – when I put a given topic in a certain position, I ask myself the question “Why shouldn’t X take this place, why is this topic, positioned below, less significant than another, placed in the top five?
The rotation of the topics in the first five positions can be done endlessly because all the topics are interrelated and each one has great importance to the organization. The two topics, however, that I have no hesitation in putting first and second are human resources and organizational culture. I’m about to explain why I made this final arrangement. Reference: “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/
Human resources and their management is the most important element in that the scope of management affects not only human capital but also strategic planning, therefore their influence on the development of the organization is leading and comprehensive.
People are an important element of any workplace. Without them, no progress could be made in practice.
Human resource management is concerned with making people satisfied, achieving high levels of productivity, to strengthen the relationship between employees in the organization. Good strategic planning leads to the achievement of meaningful goals for the company. It is the “road map” of the organization and sets the direction in which to work by setting certain tasks and ultimate goals.
It is important to mention here that, although I have placed them outside the top five, I consider human relations and employee behavior to be strongly related to HR, as they are also key factors in the productivity, development, and success of the company and also depend on much of how human resources are managed to be able to form and build a good, cohesive, strong team made up of people who possess a certain set of qualities and who take the organization forward.
I put human resources first and believe that regardless of the field of activity, human resources and their management are fundamental to the development and future of an organization.
For companies whose main activity is in the field of education and distance learning, it is of utmost importance that teachers are professionals in their field, creative, critical and adaptable, love to teach, and have a disposition. Trainers are the face of the academy and they build its image.
Organizational culture is like a mirror of what an organization is – from what its face is “outside” to how work processes happen inside the organization, what employees are like and how they interact with each other, with customers, with business partners, etc.
Thanks to organizational culture, it is possible to maintain the values of the organization, and the cultivation of these values creates a sense of community in the workplace, a sense of togetherness and sharing, which only works in favor of employees feeling more motivated and attached, to be more productive and bring more benefits to the development of the organization.
If the workplace feels like a community because of the organizational culture, employees are more likely to stay attached to the organization and not leave. This reduces employee turnover and saves the company time and costs for recruiting new staff.
Organizational culture builds the identity of a company. If there is consistency in traditions, then the name starts working for the company, it is recognizable and customers would prefer it over other names in the market.
Organizational culture is the foundation on which a company is built. The more this culture aligns with the understanding of the employees who work for the organization, the greater the benefits will be for everyone in it.
Innovations in education are fundamentally important from the point of view that the more learning processes are adapted to new technologies and teaching methods are modernized, the more they encourage creativity, and improve knowledge acquisition and practical application, which is essential for the training of future personnel and the creation of specialists in the various professional fields.
The interactions “learner – mentor” and “learner – material” in the context of PMA are the two important elements around which innovations “happen”. The independent form of training with a personal mentor, which PMA offers, implies a personal approach to the students.
Learning by doing helps to master the material to the point where learners can apply what they have learned and “try it out” in the comfort of the learning process, receiving guidance and direction from their mentor in person, without the worry that it is possible to there is when working in groups.
Flexible learning enables students to learn and progress at their own pace, from where they want and when they want. These are innovative approaches to teaching and learning that make many potential clients prefer PMA over traditional education.
Usability, utility, and value of products
For a product to be used means that during its creation efforts were harnessed to make the result useful for users, the so-called user-friendly.
The usability of an online learning platform is determined by the teaching method, which, when creating it, must be conceived as being as close as possible to the users and necessary for them to justify their expectations. That is why it is important to assess what the future users will be (eg workers, students) to match their needs with the opportunities that the platform will provide.
The usefulness and value of online learning content are rooted in conveying the most useful information, supplemented with practical self-work tasks, bringing the most much-needed skills to the students. The theory is useful, but when the goal is to create specialists, it is more than necessary to allow practicing what has been learned.
The advantages of PMA in this regard are flexibility, freedom of action, and simulation of real situations from work practice. Flexibility is an extremely useful element for the PMA target group, as it allows learners to combine the course with everything else, without having to chase certain deadlines, and allows immersing themselves in the training according to their rhythm of life.
This, in turn, brings another advantage, namely that it allows the student, who maneuvers between the responsibilities of his professional and personal life, to choose the exact time of the day when he will feel most relaxed, dedicated, and ready to deal with training. Freedom of action is a very skillful approach to practical training, as it does not frame one’s thinking, but gives the student a chance to show himself.
Practical situations are a good teaching approach as they make the learner understand the material and not just skim through it without thinking about it.
This method is good insofar as a situation can have a different development depending on who the actor is. Each student refracts things through their prism and reacts differently, as there is absolutely no wrong way in the simulation.
Here comes the moment when the mentor does not correct according to right or wrong, but personally advises and gives guidance, passing on his experience in a way that will be useful for the future when dealing with real events and situations.
A high evaluation of the usability, usefulness, and value of the products naturally leads to satisfaction of the users who use the products.
User and customer satisfaction
It is vitally important for any business to meet the expectations of its customers, without which it could not develop. Satisfaction with the service provided indicates that the customer’s expectations have been met and that the customer is more likely to remain loyal, spread positive reviews among acquaintances, and recommend the company to attract other customers.
Customer satisfaction gives guidance to the company on whether it is developing in the right direction and whether the products or services it sells need improvement. Since the nature of the service offered by PMA implies that the user spends quite a long time on the platform interacting with it, this means that satisfaction with the overall customer experience is important to be high. Reference: “What is business value? Examples of business value and explanation“, https://customer-service-us.com/what-is-business-value-examples/
Is precise because of the nature of distance learning that it is important to consider every step of the training and to build the structure of each module in such a way that it gives maximum knowledge and skills.
And at the end of the training process, the acquired knowledge should be tangible for the user, for the experience to be satisfactory and for it to be filled with meaning for the learner to have devoted effort and time to study at this particular academy. However, the most satisfying learning is that in which the ratio of time spent studying to knowledge gained is equal.
20 main examples of added business value
In this part of the task, I grouped the twenty main examples at my discretion, and the ones I added are marked in the corresponding color.
- Organizational culture provokes people to be proactive, contribute, share, and be aware of the organization’s business goals.
- Conflicts and negative environments are minimized.
- Team members look for and remove obstacles without waiting for management to do so.
- Employees are encouraged to propose their solutions to improve processes.
- People in the organization show respect for each other and work productively. Reference: “How to add business value to the product, project, and organization according to BVOP”, https://customessaysonline.net/how-to-add-business-value/
- The number of people leaving the organization is kept to a minimum.
- Burnout is managed and teams don’t spend too much time on trivial tasks.
- Everyone in the organization is constantly improving their personal and professional qualities.
- Management and team members work together to optimize processes and accelerate development time.
- Everyone respects the opinion and ideas of other colleagues.
- Teamwork is an environment where every employee feels free to share their ideas, everyone relies on each other and “plays” as a team.
- The atmosphere in the company is conducive and friendly.
Positive organizational culture
To achieve these results, it is more than mandatory to have a positive organizational culture, one that differentiates the organization from all others.
A culture that is based on healthy values that every employee must take as his own, believe in them and protect them, and work to preserve them.
Employees would not be proactive, free, open to new ideas, creative, non-conflict, and attached to the organization if there is no suitable working atmosphere that predisposes them. Reference: “Examples of business value and business value added“, https://wikipedia-lab.org/examples-of-business-value-and-business-value-added/ Such an atmosphere is created when:
- human resource management in the organization focuses on the mental health and well-being of employees;
- it is accepted as normal and every staff person is encouraged to talk and share with both their colleagues and their supervisors;
- face-to-face workplace communication is encouraged or an online environment suitable for free communication is organized for remote work that does not hinder communication between employees and managers;
- informal company events are organized, where employees have the opportunity to communicate with each other informally, which will increase the feeling of commitment and belonging to the company community;
- employees are allowed to develop personally and professionally, which also contributes to the development of the company since the time and funds invested in the development of personnel will pay off in the future when the acquired skills work for the benefit of the 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/
- in the team it is encouraged that good deeds, practices, and results are encouraged and evaluated aloud;
- in the service hierarchy, communication is not hindered by worry and discomfort, allowing employees to feel free to express themselves and their ideas; 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/
More Added Business Value topics
- Modernization and innovation.
- The tools and environment are constantly improving.
- The image of the organization increases.
- The root causes of problems, defects, and obstacles are analyzed, tracked, and eliminated.
- Quality standards are followed and implemented without significant waste of time and resources. Reference: “13 examples of added business value by BVOP.org“, https://www.vbprojects.org/13-examples-of-added-business-value-by-bvop-org/
- The necessary technological time is taken to create a quality product.
- Product development focuses on the most important goals and needs.
- All results, concepts, and product versions are validated with real users, and the risk of the unwanted product is limited.
- Flexibility in budgeting.
- Costs are carefully managed and planned.
- The pricing strategy is successful.
- Knowing the strategy of the competition.
- Communication with customers always follows general principles.
- Customer and user satisfaction is constantly increasing.
The future of business
The future is unpredictable for any type of business, so managers must be able to implement innovation, driving modernization in the organization. Failure to adapt to the business environment would lead to lag and losses. Reference: “Business value for managers – How to increase it“, https://medfd.org/business-value-for-managers/
Developing a product, and attracting and retaining customers requires a set of skills, qualities, and investment of time and effort.
Patience is the foundation of any endeavor, and especially in business circles, having this quality is a foundation, a necessity, a virtue. Patience brings confidence, firmness, endurance, and hope.
Patience in the work process is a necessity that gives certainty that the final result will happen, but not immediately, but by going through stages of product development that require thinking, foresight, and understanding that processes require time and effort that, with more patience, bring to the finish a satisfactory, useful and usable final product; Reference: “Business value explained with examples“, https://www.kosovatimes.net/business-value-explained-with-examples/
having the necessary expertise is a mandatory element in the creation of a product. From conceptualizing the product, seeing it through the users’ point of view, to making sure it’s launched to contain maximum customer value;
without enough time to research the market, it is unthinkable to create a product of any nature. For the concept, it is necessary to know the customers, the competition, the technical tools, to create, rethink or change a given strategy, the possibilities of expansion, and the development of the product for the future; More info: “What is business value: examples and explanations“, https://agileprogramming.org/what-is-business-value-examples-and-explanations/
product development time must be aligned with market pace, customer needs, and the organization’s technical and physical capabilities. The product development process takes time, but it must be commensurate with the business environment.
customer interaction is an indicator that needs to be monitored for the organization to meet market needs. But at the same time, the company must balance the wishes of the customer with its organizational culture to preserve its values and maintain its unique image. Reference: “Increasing the business value of projects in the organization“, https://www.mmrls.org/increasing-the-business-value-of-projects-in-the-organization/
for correct and expedient budgeting, detailed research of the market is needed, getting to know the competition and the needs of potential customers.
The last bundle of added business value topics
A schedule is drawn up that everyone sticks to.
Meetings are planned in such a way that as many issues as possible are discussed without creating unnecessary “gaps” between meetings.
Only employees relevant to the discussed topics are included in the meetings. Reference: “Examples of Business value added for organisations, projects and products“, https://mstsnl.net/examples-of-business-value-added-for-organisations-projects-and-products/
Discussion topics are planned and each employee prepares in advance.
Unnecessary documents, processes, and communications are avoided.
There is an internal protocol for written communication.
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. Ref:erence: “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/
Meetings and discussions do not waste time and always lead to desired results.
Prioritize activities and time.
Focusing on activities of utility value.
To improve communication in the company, it is necessary to create an effective and fruitful environment for communication in the workplace, in which everyone feels useful and heard; communication that enables the team to achieve its goals.
Time is a precious resource and it is important and needs to be well planned. The schedule creates a sense of organization and control and reduces feelings of stress. Following schedules helps meet deadlines and achieve goals. Allocation of “general” working time helps each employee to plan their working time as well. Ref:erence: “How to add business value to your business organization’s projects“, https://brightonbot.com/how-to-add-business-value-to-your-business-organizations-projects/
Documentation is kept up-to-date, thus reducing the risk of errors.
face-to-face or online meetings are scheduled when other channels of communication have been exhausted, and each meeting involves only those employees who have a direct role in the discussion and making of the specific decisions.
The planning of the meeting agenda is prepared in advance, ensuring access to it by every employee advance, so that everyone present is familiar with the topics to be discussed. Reference: “BVOP business value-added examples explained“. https://phron.org/bvop-business-value-added-examples-explained/
Every employee should be heard, feel free to share their point of view, and feel significant in shaping decisions.
Activities are prioritized by discussion and gradation by importance and urgency and distribution in a calendar by month, week, and day.
A focus on value-added activities is key, as these are the activities that move the company forward. To distinguish these activities, it is necessary to determine which activities help to finalize the set tasks, how they are reflected in the financial aspect, and whether they lead to the achievement of real results.