The value of a business is important to both the company and its customers.
Although the definition of business value varies, one aspect remains consistent: delivering value to the consumer. How can a business maximize value?
The System Development Life Cycle (SDLC) may provide the solution.
Defining Business Value
The internet provides various definitions for business value. For instance:
- ValuAdder defines business value as “the standard measure…used in business valuation.”
- Wikipedia says that business value will “determine the health and well-being of the firm overall.”
- Ask Process reveals that business value is “the net benefit that” the customer will appreciate “and on which the project was approved and funded.”
Following the SDLC
The SDLC becomes a crucial factor when an IT or IS design needs improvement. Though tedious, each phase needs to proceed in succession or else an oversight can occur.
Additionally, you may find that you need to make changes during these stages and then must start over. You may want to consider bringing in a professional with software solutions and experience. When all’s said and done, the SDLC should result in a quality solution that “meets or exceeds…expectations” of the firm.
Essentially, your company can utilize SDLC, or even consider using software solutions, to maximize business value. SDLC provides IT or IS the ability to “produce more function, with higher quality, in less time, with less resources, and in a predictable manner.”
The product must also deliver value to the customer. If the consumers do not like your product, they will seek a substitute elsewhere, thus decreasing your business value.