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.
Here are some examples of business value-added created by BVOP. Read Managing business organizations and adding business value for more information.
What is Business Value?
Business value is an informal term that includes all forms of value that determine the health and well-being of the company in the long run. Business value extends the concept of company value beyond economic value to include other forms of value, such as employee value, customer value, supplier value, partner channel value, union partner value, managerial value, and public value. See more at Adding business value in organizational project management
Developing effective human relations skills is critical to establishing and maintaining productive business relationships. Good communication and managerial attention usually leads to increased levels of productivity and job satisfaction. Human relations skills make it possible to work in groups and teams.
A sense of unity is one of the reasons for creating a corporate culture. Unity has a positive impact on the company, it reinforces the values and goals of the employees, and also enhances the morale of the company. Read more: Business value in organizations
People make and sell products, work with customers and collaborate on solutions. HR plays a key role in developing, strengthening and changing the culture of the organization. Payroll, performance management, training and development, staffing, and business values are essential elements for successful business development.
Usability, utility and value of the products
The features of a product are crucial. Any good product with good quality, which is well presented to the consumers, contributes to the profit increase and thus directly influences the further development of the company. If the product does not meet certain standards and does not meet the needs of consumers, then the overall functioning of the company is compromised.
Consumer and customer satisfaction
Careful analysis is required in order for a product to be well-positioned on the market. Initially, customer interests and needs must be identified so that the product can meet their preferences. Customer responsiveness provides guidance for future product development. Customer satisfaction plays a leading role in determining the direction of the development of the company.
Examples of actions to increase business value
Organizational culture provokes people to be proactive, contribute, share and be aware of the business goals of the organization. (People must be united around common goals. Achieving these goals will have a positive impact on the workplace. In the event of any conflict, those responsible must resolve it peacefully and without further complications.)
Modernization and innovation.
By incorporating modern methods, new products, new machines, innovative software programs in the work process, it can facilitate the work of workers and thus facilitate and achieve goals faster and then increase the capacity of the company.
People in the organization
People in the organization show respect for each other and work productively. Mutual respect is the basis for working within a company. Mutual respect must exist not only among employees but also between managers and employees. This should be stated in the code of conduct that every employee should be familiar with.
The number of people leaving the organization is limited to a minimum.
Studies should be carried out periodically during the work process to identify problems encountered by employees. Management should develop a system of responsiveness to the results of these studies, ie, in parallel with the work process, problems must be solved The results of these studies will provide future guidance for correcting some areas of dissatisfaction.
Conflicts and negative environments are minimized.
Managers should attend training for the peaceful resolution of labor disputes. A well-trained manager will know what steps to take in the event of a dispute between employees but also employees and their superiors. When conflict resolution, security and trust rules are in place each employee will increase.
The image of the organization is increasing.
The reputation of a company can be enhanced in many ways. For example, if a company has sufficient resources, it can provide scholarships to talented students and hire them upon completion of the course.
Everyone in the organization is constantly improving their personal and professional skills. The company can develop an annual training plan for each job position. This will increase workers’ satisfaction and competencies in the workplace.
Team members look for and remove obstacles without waiting for management to do so. A well-trained employee will know how to deal with various risks when performing their tasks. To this end, managers can develop work protocols for each position. Compliance with the protocol will minimize errors.
Management and team members work together
Management and team members work together to streamline processes and accelerate development time. To achieve this, communication and trust in the team need to be developed.
Costs are managed and planned carefully.
Managers should carefully review costs, reallocate funds as needed, and create reserve funds for future contingencies.
The tools and the environment are constantly improving.
Each company must provide a means to improve the business process.
Unnecessary documents, processes, and communications are avoided. To reduce unnecessary documentation, unnecessary processes, communications, software programs can be purchased that will make things simpler and more easily accessible.
The main causes of problems, defects and obstacles are analyzed, tracked and eliminated. Each company can appoint employees to detect defects and problems. They can prepare weekly reports and submit them to their managers. Managers can then take timely actions to resolve the defects and problems.