Innovation Solution - Build Your Business Case and Roadmap

Podcast Beta

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What is the main goal when making a business case?

To decrease the number of items in the box

To increase the cost of investment

To reduce the transaction fee per box

To show that the financial benefit far exceeds the cost of investment (correct)

What should you anticipate when dealing with senior executives?

Their lack of interest in the project

Their concerns and have answers ready that are based on evidence (correct)

Their full support from the start

Their immediate rejection of the proposal

Why should you phase the implementation and costs?

To prove that you can deliver impact on day one

To respond to executives' concerns about the proposal being too expensive (correct)

To increase the overall cost of the project

To show that the vision is overwhelming

What is the purpose of a business capability map?

To define the most critical functions required to deliver a product or service Signup and view all the answers

What is the recommended approach to tackle a project?

Dividing the project into smaller, manageable tasks Signup and view all the answers

What is the benefit of delivering small, functional improvements to elements of a product?

It allows for quick realization of value and rapid learning from customers Signup and view all the answers

What is the primary goal of building a Business Case in the context of innovation?

To estimate the financial investment required and projected benefits Signup and view all the answers

Which of the following is NOT a key value lever that innovation can impact?

Improving customer satisfaction Signup and view all the answers

Who should be involved in building the financial model for a Business Case?

Members of the finance, marketing, and operations teams Signup and view all the answers

What is the primary purpose of identifying the key components of an implementation roadmap?

To ensure a successful implementation of the innovation idea Signup and view all the answers

What is the primary goal of prioritizing customer-facing elements of a plan?

To influence revenue-increasing KPIs Signup and view all the answers

What is a common deterrent to delivering change in business?

Resourcing and workload capacity Signup and view all the answers

What is essential to consider when planning for resource support during implementation?

The implications of time, cost, and people Signup and view all the answers

What should you do to ensure alignment on priorities?

Align with stakeholders on priorities Signup and view all the answers

What is a possible approach to funding and resourcing strategic programs?

Either build in-house or collaborate with partners Signup and view all the answers

What should you do to ensure successful implementation of your vision?

Collaborate with stakeholders to find the best approach Signup and view all the answers

What is the result of effective prioritization of a plan?

Influence on revenue-increasing KPIs Signup and view all the answers

What should you consider when deciding how to implement change?

The implications of time, cost, and people Signup and view all the answers

Study Notes

Building a Business Case and Roadmap

A business case is crucial to present a proposal, including financial investment required and projected benefits.
Key value levers in a business case include:
Increasing revenue
Reducing cost
Improving productivity
Increasing strategic capabilities

Key Components of an Effective Implementation Roadmap

A roadmap is closely aligned with the business value plan and synchronizes the delivery and realization of value.
Components of an effective implementation roadmap include:
Business capability map
Technical architecture
Implementation plan

Tips for Winning Over Skeptics

Anticipate concerns and have evidence-based answers ready.
Respond to executive challenges by:
Proving impact on day one
Phasing implementation and costs
Demonstrating larger market opportunity
Showing cost of waiting compared to early quick wins

Creating a Compelling Business Case

Involve members of finance, marketing, and operations teams to provide crucial inputs for the financial model.
Focus on key value drivers and answer questions from the executive team, such as market size, demand, business model, revenue sharing, and quantifying impact.
Make assumptions about key metrics, such as number of items in the box, transaction fee, cost to fulfill and deliver, and customer acquisition cost.

Roadmap to Success

Prioritize capabilities and decide what to focus on first, second, and beyond.
Ensure alignment on priorities and build them into the roadmap.
Consider resourcing and implementation plan, including in-house development, collaboration with partners, and cost implications.
Phase the implementation to deliver value and capability in appropriate proportions.

Studying That Suits You

Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

Description

Innovation Solution - This quiz assesses your understanding of creating a business case, including pricing strategies and cost calculations. It covers key concepts such as break-even analysis and customer acquisition costs.