Present the business case in two stages. First, produce a two-page outline. If this “mini business case” survives the first rounds of scrutiny, create a longer document that delves into cost-benefit details.Develop a high-level time line with project milestones. Outline and describe strategies for dealing with and mitigating as many risk factors (including change management and market risks) as possible.Outline three different scenarios (such as best case, worst case and most likely case), including cost, time line and ROI particulars of each. Prepare a multifaceted ROI analysis, including a detailed breakdown of costs (for hardware, software, consulting, training, support and other costs) and cash flow throughout the lifecycle of the project. Include soft benefits. Even if you cannot quantify the soft benefits, you should include them since intangibles often sway the outcome. Identify the type of value the project will deliver. For example, project benefits could be categorized as cost reduction, revenue generation, competitive advantage, risk reduction or regulatory compliance. These categories give decision-makers context that aids in making their decision. Take a portfolio approach. On an annual basis, work with senior management to set targets for IT project types (for example, 50 percent of projects will help run the business, 30 percent will help grow the business, and 20 percent will help transform the business.)-L.G.P. Related content brandpost Sponsored by Palo Alto Networks Operational technology systems require a robust Zero Trust strategy in 2024 Zero Trust provides a foundation for creating a stronger security posture in 2024. By Navneet Singh, vice president of marketing, network security, Palo Alto Networks Dec 05, 2023 6 mins Security brandpost Sponsored by AWS in collaboration with IBM How digital twin technology is changing complex industrial processes forever As the use cases for digital twins proliferate, it is becoming clear that data-driven enterprises with a track record of innovation stand the best chance of success. By Laura McEwan Dec 05, 2023 4 mins Digital Transformation brandpost Sponsored by AWS in collaboration with IBM Why modernising applications needs to be a ‘must’ for businesses seeking growth Around one-third of enterprises are spending heavily on application modernisation and aiming for cloud native status. The implications for corporate culture, structure and priorities will be profound. By Laura McEwan Dec 05, 2023 5 mins Digital Transformation opinion 11 ways to reduce your IT costs now Reorienting IT’s budget toward future opportunities is a big reason why CIOs should review their IT portfolios with an eye toward curbing unnecessary spending and realizing maximum value from every IT investment. By Stephanie Overby Dec 05, 2023 11 mins Budget Cloud Management IT Governance Podcasts Videos Resources Events SUBSCRIBE TO OUR NEWSLETTER From our editors straight to your inbox Get started by entering your email address below. Please enter a valid email address Subscribe