The success of Value Realization depends on your understanding on Customer’s Value expectation. As long as you are able to align the Customer perspective of value with your delivery plans, you will be able to articulate back to customer on the success of your deliverables
Accelerate:
Value is the key word for all that we are discussing here. So next comes the question, What is Value? In terms of business this can be classified majorly into two perspectives:
- Business value
- Customer value
There arises another question: Are they both different? Will try to explain with best of my abilities.
Value
Customer Value benefits end customer who consumes the end product that we deliver.
Whereas in business value we try to address the value created by the business directly and customer realizing the benefit is indirect. Most of our organizations invest/enhance Infrastructure, improve quality and so on.
Business value is nothing but eliminating waste (as mentioned in Lean practices). Constant attention to non-waste is also major contributor of business value adding in the organization
Business Value examples
- Growing the brand image of organization. Here, Value is not instant and it is continuous progress need to be made.
- Root causes of issues, defects, and impediments are analyzed, tracked, and eliminated. – in this example customer will not realize the value immediately but a continuous practice will make the customer realize the value in-terms of experience.
Business value should not be a term used only by C suite or the next level leaders but it should be easily understandable to all the people in the organization at their respective levels. We should try to establish the culture that make people be part of realizing the value.
Can I measure my Business Value?
In order to make every employee aligned with value realization we could try implementing the below steps
- Make all work and workflow visible
- Collaborate proactively
- Reuse existing assets
- Work on small, high value items
- Keep Workloads within capacity
- Continuous Improvement
- Risk reducing activities.
In many cases, delay in the workflow may be the possible significant choke point in your flow of value delivery.
As a VDM (Value Delivery Manager) we need to work on the delays in the workflow and Identifying risks and plan to reduce risks. In most of the cases risks are anti-value and they have the potential to reduce the value delivered to the customer.
Conclusion
The key to Value Realization lies in the fluidity of communication channel that you have with your customers or end users. This is to connect with the link between Customer’s perspective of Value and your Organizational goals. The more accurately and timely you are getting feedback
About Satya
Satya is a guest author on Project Management @ Zaidan. By profession she is a Project Management Practitioner and trainer. She comes with around 17+ Years of experience primarily from the Software Industry. She is certified on PMI PMP and ACP.
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