You’ve based every line of your ROI calculations on estimates—which you’ve carefully documented. But what if they’re wrong and things don’t go as you planned? What if the worst (or best) case occurs?
Analyzing risk helps you see what will happen if your assumptions are off. Most people focus on threats—like a vendor failing to deliver or software failing to perform as promised—but you need to consider opportunities as well. Think about how you could get a faster project payback. What if you put your best team on it? What if you brought in an outside consultant or got additional resources?
Go through your ROI spreadsheet line by line and consider what factors might alter them. For instance:
- What if the person running this project leaves the company?
- What if you don’t get all the resources you requested?
- What if you’re able to pull together an all-star team or hire an outside expert?
- What if you encounter bugs when testing?
- What if employees struggle to adapt to the new system?
- What if the product doesn’t perform as you expect it to—for better or worse?
- What if performance suffers because of a tight delivery timeline?
- What if the project needs to include more or fewer offices or departments?
- What if stakeholders change requirements?
- What if a regulatory change creates a new opportunity?
- What if you aren’t able to hit the launch date?
- What would allow you to get ahead of schedule?
- Does anything outside the project need to happen before you can complete it?
Don’t forget to think about what concerns your stakeholders will have. Where will they see risks? Does your CTO always assume projects take twice as long as planned? Does your COO distrust any project that relies on vendors? Identify the questions they might ask so you can account for them in your ROI calculations and, ultimately, in your presentation.
Building a business case for your organization doesn’t have to be complicated. Check out the free guide and learn how to justify your case for document management software!