Business value is what a project or idea gives an organisation in terms of benefits and advantages. Business value can come in many different forms, depending on what the organisation wants to achieve. Here are a few common examples of business value:
Increased revenue: A project that creates new ways for an organisation to make money or expands on ways it already makes money can be very valuable for business.
Cost savings: Projects that make an organisation more efficient, cut down on waste, or streamline its processes can help it save money and make more money.
Improved customer satisfaction: Projects that improve the quality of products or services or make the customer experience better can help an organisation build stronger relationships with its customers and earn their loyalty.
Competitive advantage: Projects that help a company stand out from its competitors by offering unique products or services or taking advantage of new technologies can give the company a big competitive edge.
Improved brand reputation: Projects that promote corporate social responsibility or sustainability, or that otherwise align with the values of the organisation and its stakeholders, can help to improve the organization’s brand reputation and strengthen its relationships with customers and other stakeholders.
Overall, business value is one of the most important things to think about when managing a project. This is because it helps make sure that the projects are in line with the organization’s strategic goals and objectives. By focusing on delivering real business value, project managers can help make sure that projects are successful and contribute to the long-term success of the organisation.
Usage
It is used in preparing a business case and proving justification for continuing with the project.
