It is important to build a practical roadmap which is contextual, informative, with clearly defined key performance indicators to increase success rate of business initiative and achieve higher than expected business results.
Solid business initiative management is not only for solving tactical issues to keep the lights on; but also for developing talent and building differentiated business competencies.
Organizations can develop a compelling story when an initiative is difficult to monetize: Every business has clearly defined goals behind. Any initiative, even a very technical one should have a business objective associated with it. The story-lines might be developed around themes such as: How the initiative situates the organization within a growing and highly profitable product market niche; how it builds business processes that differentiate the organization from its major competitors.
Business senior management take an oversight of business initiative management, articulating and aligning them with Vision-Strategy-Structure-People & Processes and assets. The business executives’ sponsorship helps to establish early buy-in and support through analysis of how the "initiative" impacts the people or the long term perspective of the business growth. They are able to identify dependency on discretionary effort for business initiatives to succeed, boost the energy to manage a healthy initiative portfolio to achieve great value results.
Great business initiatives should be viewed as an "opportunity" for solving crucial problems, even a set of relevant problems interdisciplinarily: Every business initiative should solve certain problems. So for the large scale of business initiatives to generate multifaceted value, it’s important to establish a cross-functional team to involve multifaceted management, plan and execute in a structural way.
From a business initiative portfolio point of view, orchestrate organizational interrelationship by sharing information, and encouraging "self-generated" engagement, strike the right balance of quick win and long term perspectives. In the global society scope, take initiatives to solve bigger and tougher problems, scale up change efforts across the globe seamlessly.
It’s important to select the right set of business indicators with a precise identification of objectives that initiatives will support: Businesses have limited budgets, too-optimistic cost projections perhaps seed doubts about an initiative in others’ minds. Oftentimes, the structure of budget estimating for many critical business initiatives will tend to under-estimate the time and cost.Estimating cost scientifically provides a good reason to move things forward if it’s within the budget. So the comprehensive assessment of business initiative includes reducing costs, improving effectiveness & efficiency, continually expanding business services or solutions to substantiate ROIs.
It is important to be as comprehensive as possible in identifying and monetizing benefits flows as too-ambitious benefits flows are easily countered. If these values have not been clearly identified at the outset, you cannot get the true alignment of your organization working toward the same goals and outcomes. Effective business portfolio management should outline the anticipated benefits - with the benefits being delivered and executed via programs and projects structurally.
Without customers, an organization cannot survive, without profitability, an organization cannot grow. The very goal of business initiative management is to set the right priority, align key success factors of the organization, streamline business resources, process, capacity to build business competency. .It is important to build a practical roadmap which is contextual, informative, with clearly defined key performance indicators to increase success rate of business initiative and achieve higher than expected business results.
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