Business Value Engineering (BVE) has historically been delivered by a team of consultants. They have done time and motion studies, reviewing and documenting processes. These are all things that require physical presence in an operation.
Enterprise Times spoke to Matt Smith, Global Chief Architect at IFS about BVE. Smith is responsible for the Business Value Engineering team and discipline at IFS. The IFS approach to BVE is to take a more collaborative approach and is focused on business change rather than trying to justify the purchase of a piece of software. He explains how they deliver the service that was only created a few months ago.
He explains the three business case types that boards want to see; growing revenue, cutting costs and mitigating risks. While softer benefits are investigated, such as engagement, boards look at results through one of those three lenses.
Since the COVID-19 lockdown and social distancing came into operation IFS has had to adjust how it has delivered its BVE service. It has been an opportunity to completely rethink the process. What happened was that his team built some software that replicated elements of the process and has helped deliver an alternate, equally powerful BVE report to customers.
Smith talks about how the new process was created and piloted. IFS is now looking to deliver the updated service during the lockdown period. While it is not as comprehensive as that delivered before, it is cheaper and has a faster time to value. Smith believes that this new process will remain, and even if the lockdown is ended they are unlikely to return to the traditional methods. Instead, they will create a hybrid approach. The future may also hold the use of augmented reality in BE assessments Smith believes.
To hear more of what Smith had to say, listen to the podcast.
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