Business Value is a common and widely used term covering many topics related to the general well-being of organizations, economic factors, products, customers, projects, and management models.
The business value in the context of Business Value Oriented Principles (BVOP) refers to adding positive effort to:
- Organizational culture
- Human Relations
- Relationships between business and people
- Employee attitude, skills, and maturity
- Human Resources
- Work processes
- Reducing waste
- Shortened production processes
- Usability, utility, and value of products
- Satisfaction of users and clients
The BVOP states that adding an effort to any of the topics listed may positively affect others and the overall business value of the organization and products may increase.
Business value can be added by anyone involved in organizations, their products, and projects.
Major examples of added business value
- Organizational culture provokes people to be proactive, contribute, share and be aware of the business goals of the organization.
- Modernization and innovation.
- People in the organization demonstrate respect for each other and work productively.
- Numbers of people leaving the organization are limited to a minimum.
- Conflicts and negative environment are minimized.
- Organizational brand image grows.
- Everyone in the organization constantly improves their personal and professional qualities.
- Team members seek and eliminate impediments without waiting for management to do so.
- Management and team members work together in optimizing processes and speed up development time.
- Costs are managed and carefully planned.
- Tools and environments are constantly improved.
- Unnecessary documentations, processes and communications are avoided.
- Root causes of issues, defects, and impediments are analyzed, tracked and eliminated.
- Quality standards are followed and met without significant waste of time and resources.
- Overwork is managed and teams do not spend too much time on trivial tasks.
- Documentation and requirements are created and maintained in an easy and comfortable style, so everyone understands them with ease and saves time from unnecessary discussions and misunderstandings.
- Meetings and discussions do not lead to waste of time and always lead to desired results.
- Product development focuses on the most important goals and needs.
- All outcomes, concepts and product versions are validated with real users and risk of an undesired product is limited.
- Customers and users satisfaction constantly grow.
The BVOP focuses on eliminating waste in all offices, products, projects, and processes in organizations.