- Rapid changes in today’s market require rapid, value-based decisions, and organizations that lack a shared definition of value fail to maintain their competitive advantage.
- Different parts of an organization have different value drivers that must be given balanced consideration.
- Focusing solely on revenue ignores the full extent of value creation in your organization and does not necessarily result in the right outcomes.
- Business is the authority on business value. While IT can identify some sources of value, business stakeholders must participate in the creation of a definition that is meaningful to the whole organization.
- It’s about more than profit. Organizations must have a definition that encompasses all of the sources of value or they risk making short-term decisions with long-term negative impacts.
- Technology creates business value. Treating IT as a cost center makes for short-sighted decisions in a world where every business process is enabled by technology.
Impact and Result
- Standardize your definition of business value. Work with your business partners to define the different sources of business value that are created through technology-enabled products and services.
- Weigh your value drivers. Ensure that business and IT understand the relative weight and priority of the different sources of business value you have identified.
- Use a balanced scorecard to understand value. Use the different value drivers to understand and prioritize different products, applications, projects, initiatives, and enhancements.
After each Info-Tech experience, we ask our members to quantify the real-time savings, monetary impact, and project improvements our research helped them achieve. See our top member experiences for this blueprint and what our clients have to say.
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