Introduction
The article chosen for the review is called An investigation into Value Addition Concept Correlated to Facilities Management. It pertains to the first chapter of the course book’s discussion of the subject of enhancing business value (Bovee & Thill, 2020). According to empirical evidence, the majority of industrial professionals believe they should incorporate the idea of adding value into their everyday job; however, there are obstacles such as reluctance from upper management, restrictions imposed by the hierarchy, workload considerations, etc. (Udawatta et al., 2019). The article’s goal is to equip decision-makers in facilities management (FM) with the tools they need to recognize the critical FM initiatives that add value, manage their effective implementation, and track the results.
Discussion
Maximizing advantages and limiting sacrifices for customers in their connection with suppliers is necessary to deliver a greater value. According to the authors, value is more significant in today’s world, and value is frequently founded on economic principles in the field of FM (Udawatta et al., 2019). When a financial value is added to the client organization, such as lower costs or increased earnings, value is created. The article emphasizes how the notion of “Adding Value” may be understood in various ways and linked to a wide range of diversity in many fields. According to them, deciding which kind of values to prioritize might vary greatly depending on the organization (Udawatta et al., 2019). The authors argued that the worth of FM depended on who benefited from each additional value and who took on the associated risks. Because of this, it is crucial to take into account the perspectives and interests of many stakeholders, including the organization itself, providers, investors, consumers, and the community.
Conclusion
After reading this article, I believe it does an excellent job of illustrating the idea of added value in a particular setting. I think in order to change anything from the way it is to the way it could be, adding value must be systematic. A firm must have added value since it increases the likelihood of selling goods or services that demand substantial investment.
References
Bovee, C., & Thill, J. (2020). Business in Action (8th ed.). Pearson.
Udawatta, C. S., Devapriya, K. A., Gowsiga, M., & Thatshayini, P. (2019). An investigation into value addition concept correlated to facilities management. Proceedings of the 8th World Construction Symposium, 8(10), 56–65.