Background
Our client needed major investment to implement new products and services for its customers whilst at the same time striving to modernise and transform existing products and services, as part of an ongoing cycle of transformation following years of under investment.
What we did
We led the process by working with the Chief Commercial Officer (CCO), directors and functional heads to analyse current needs and existing strategies to identify potential business change initiatives and overlaying any existing projects and programmes that were expected to require funding in subsequent years.
Next we helped to group these into 5 broad categories to help ensure a balanced portfolio: mandatory (regulatory and legal compliance), strategic (initiatives for the future), emergent/reactive (responding to market changes and specific customer demands), innovation (assessing creative ideas, new technologies or ways of working), and run the business (maintaining systems and services that keep the core business working).
Finally, we facilitated the process to evaluate them in terms of expected costs, opportunity/benefits, customer and operational impacts, complexity and risks associated with the change which we documented in one-page executive summaries.
We also assessed them against both the commercial and corporate strategic objectives, using a modelling technique to demonstrate how they achieved this, and supported the CCO in sequencing and therefore prioritising investments.
The Result
Our approach provided the CCO with the detail needed to work effectively with other C-suite executives to successfully make informed investment decisions inline with the available budget allocation for the period under review.