In the ever-evolving realm of revenue technology, informed purchasing decisions require more than just enthusiasm and curiosity. Just like in a Disney story, stakeholders expect a magical guide to navigate the benefits and justifications for investing in new tech solutions. They expect this guide to address the majority of their concerns and leave them confident their buy in will reward them with a successful outcome.
Enter the business case, a captivating character that takes center stage. The arc of a business case is like that of a Disney story: they often evolve from humble beginnings and unfortunately fall into a villain’s trap of lackluster construction. The mystical intervention of data allows a business case to evolve into more complete documents that bring the presenter closer to achieving a fairytale ending with their technology purchase.
Humble Origins
Every Disney story has a humble beginning, and a business case is no exception. The business case emerged from the need to illuminate the path of technology investments, bringing clarity and purpose to the decision-making process. Like a flickering candle that grows into a radiant light, a business case evolved into a powerful protagonist, empowering stakeholders to evaluate and make informed choices about tech acquisitions.
A business case serves as the enchanted wand for tech purchases, infusing them with the potential for remarkable change. It allows decision-makers to envision the purpose, goals, and advantages of adopting specific technologies, just like a wave of a wand brings enchantment to Disney’s beloved characters. With a business case as their guide, stakeholders can unlock the magic within technology investments.
Falling into the Villain’s Trap
As a business case ventures its way towards presentation, it often encounters a villain in the form of pitfalls that seek to derail its effectiveness. Just like in a Disney tale, even the most valiant of business cases struggles to avoid pitfalls during development. The following are reasons we often identify with clients for why their business case is receiving pushback internally:
- Lack of clarity – Failing to clearly articulate the purpose, goals and anticipated outcomes of the technology investment, leaving stakeholders confused and unconvinced.
- Overlooked stakeholder engagement – Neglecting to involve key stakeholders (such as end users and frontline sales managers) throughout a business case development process, leading to lack of buy-in and support.
- Neglecting risk assessment – Not adequately assessing potential risks and challenges associated with a technology purchase (such as barriers to adoption), leaving decision makers ill-prepared to navigate potential obstacles.
Just as Disney stories evolve to captivate new generations, business cases must also adapt to the changing landscape. To ensure success, a business case must embrace the following evolutions in its approach:
- Strategic Alignment – Align to the overarching strategic objectives of the organization. It should connect to key business outcomes, emphasizing the proposed solutions potential to drive growth, profitability and customer satisfaction.
- Comprehensive stakeholder engagement – Relevant stakeholders must be involved at the right time depending on their role and responsibility related to the proposed solution. Their input, concerns and shared understanding of the technology’s benefits and impact on their respective roles is vital to success.
- Holistic risk assessment – A thorough risk assessment must be conducted to identify and address potential challenges related to the solutions ability to impact the associated business outcome. It must showcase contingency plans and risk mitigation strategies to demonstrate preparedness and instill confidence in decision makers.
Mystical Intervention
Data and analytics serve as a magical addition to bolster a business case. Data can act as insights into risks and rewards, yet being concise about which data to use is often overlooked as a necessary mechanism for making a business case come alive. Similar to a Fairy Godmother’s foresight, the right data and analytics can be used to help stakeholders develop strategies to overcome obstacles and mitigate risks. Relevant data will showcase the anticipated benefits and returns on investment of a proposed solution. A business case relies on a storybook of evidence to support tech purchases. It collects market research, cost-benefit analysis, customer feedback, and competitive insights to craft a compelling narrative. Like the pages of a Disney story, this evidence reinforces the validity and potential success of the tech purchase, captivating decision-makers with its persuasive charm.
A Fairytale Ending
Disney tales often celebrate the transformation of characters, and tech purchases can have a similar impact on businesses. A business case reveals the transformative potential of technology, unlocking new levels of productivity, efficiency, and innovation. It emphasizes the extraordinary opportunities that lie within the tech investment, encouraging stakeholders to embrace change and unleash their organization’s hidden potential.
Like the inner hero in every Disney protagonist, technology has the power to bring about remarkable growth and success. A business case outlines the current challenges and limitation, introduces technology as a hero that can overcome those obstacles and presents a clear picture of the desired future state with technology in place.
In a rapidly evolving world, business cases should not become static documents, and maintenance must embrace continuous improvement and iteration. Business cases should:
- Be regularly reviewed and updated to reflect changing market dynamics, technological advancements and organizational goals.
- Include a plan to incorporate feedback from stakeholders, new insights and updated data to ensure the case remains relevant and persuasive.
- Stay poised to navigate potential pitfalls that can hinder its effectiveness.
Just like a Disney hero’s journey, a business case for technology can inspire and guide organizations to overcome challenges, seize opportunities and embark on a path towards a fairytale ending of transformative success.
Reveal the Magic of RevTech With A Robust Business Case