How can you create an understanding within the business and a compelling investment thesis for the use of technology to transform the living experience for your customers and your colleagues?
A business case is important in any big decision making within a company. It provides justification towards decisions being made through a framework for delivery with clear focus on the benefits and financial reasoning.
With the shift to digital technology well underway and already completed in some areas of the UK, creating a business case to upgrade is integral to demonstrate why the organisation should make that shift and what solution is most appropriate to the organisations objectives and vision.
Within this article you will discover insights and tips on how to create your own business case for new digital technology within your organisation.
Finance vs. benefits
In any business case you need to think about the facts, but also the belief in the investment. It is about establishing what the benefits are, the risks and the rationale for the preferred solution.
The financial implication of a new investment is a high factor in decision making, however the overall benefits for the organisation, customers, and staff, which achieve the businesses objectives and aims should be a major contributing factor.
Examples of non-financial measures include:
– Customer satisfaction leads to less complaints which drives less cost, which leads to longer tenures.
– Employee satisfaction reduces staff turnover and reduces cost.
– Improved communication/engagement.
– Increase safety and security.
– Increase perception amongst current and future customers.
The Clarification Tool
Many organisations use a ‘Clarification Tool’ to help refine the thinking of where they should invest and why they should invest. By questioning what the business is doing helps to clarify where the important areas are that you would like to achieve.
Questions that can be asked are:
– What will be the difference in your organisation at the conclusion of the project?
– What will you be able to do that you can’t do now?
– What will be the difference for your reputation?
– What will be the legacy of this project?
– What will it mean to be on the leading edge, the thought leader in the field?
Sometimes organisations question if they should do anything at all. Waiting can be beneficial for some however for those in the telecare industry waiting can have major implications due to the 2025 digital switchover as highlighted in our report ‘Digital Telecare Briefing’. Now is the time to switchover from analogue devices to digital.
When also making big change in a business the real benefits come from focusing on transforming the lives of your residents and colleagues, and also involving them in your decision process.
The Challenges
One of the things that a business case has to contend with is the current situation of the environment. For example:
– Cost of living crisis
– Cost of digital transformation
– Changing expectations and standards
– Making greater use of online and digital tech
– Increasing care needs
– Challenging health services
– Scarce resources
– Integration of health and social care
– Political instability
These examples listed above can be reasons not to do something but can also be reasons to do something. They all have a clear line of sight to a business improvement, but only with the right investment and solutions put in place.
Within the telecare industry a major challenge is making sure that your investment will be future proofed, so you don’t need to upgrade again in a few years’ time. That is why it is integral to outline in your business case your expectations for the future and the importance of a long-term investment.
When building a business case for technology there are many factors which are worth considering:
Changing expectations and standards:
– Enable greater access to services.
– Improve communication.
– Provide greater convenience and speed of service delivery.
Scarce Resources:
– Utilise resources more effectively
Increasing Care Needs:
– An Infrastructure to embrace new technologies, innovations and which enables you to adapt.
Challenging health services:
– Enable wider networks to become involved in care.
– Proactive intervene to avoid incidents or scenarios exacerbating.
Case Studies
Case studies are a major factor for business cases as they show why something is worth investing in. They provide real-life examples of a positive outcome which, in a business case, shows if something might work and what can be expected in the short, medium and longer term.
To include case studies in your business case it is important to go out to potential suppliers to ask for any case studies or testimonials from previous customers on their products. Being able to prove why, in this case, a digital move is the correct move to make, is important evidence.
Conclusion
The key element of building a business case for digital technology is to start with the problem you are trying to fix. What is it you would like to achieve? What improvements are you looking to make? How are you trying to assist your customers and staff?
From listing your problems, you will be able to clearly outline your potential solutions, available options, and evidence to prove that what your business case is proposing is the correct investment.
