P2P

22 P E E R T O P E E R : I L T A ' S Q U A R T E R L Y M A G A Z I N E | W I N T E R 2 0 2 3 shave off expenses and get your team moving through tasks efficiently, your organization becomes nimble—ready to jump over hurdles or dodge them altogether. And on the flip side, by excelling at handling risks, you're doing more than sidestepping pitfalls; you're also protecting your wallet from taking a hit from fines or breaches." He concludes that "the financial and risk elements should not be considered trivial, but the bedrock of your information governance business case. Demonstrating how your strategy saves money, increases efficiency, generates revenue, avoids legal issues, and mitigates unexpected challenges goes beyond proposing a project; it showcases information governance as a strategic asset vital for protecting your firm's financial interests and reputation." The Building Blocks of a Business Case Core components of a business case Chris Giles believes that when you're building a business case, you need to craft a story that's going to captivate your audience and suggests breaking the business case into the following steps: • Identifying the business problem Start by highlighting the central challenge, framing it as an imperative issue that the organization must confront directly. Take, for instance, the scenario where your case management software is outdated to the point of obsolescence, posing not merely a problem of sluggish performance but a significant threat to the security of client data. You've got to paint a vivid picture of these pain points, linking them to the real impact they have on the day-to-day. • Conducting assessments After zeroing in on the problem, it's time for some detective work. If we're talking legal info governance, think about sizing up your current data practices against the latest regulations, like GDPR. You want to measure the gap between where you are and where you need to be. It's about highlighting shortcomings so clearly that everyone feels the need to jump into action. • Identifying alternative solutions Once you know what you're up against, it's time to lay out your battle plans. This is about more than implementing a hasty fix; it involves evaluating various options, assessing the advantages and disadvantages, and demonstrating thorough preparation. The goal is to propose a solution that is not only effective but also the most strategic choice for the organization. • Narrative cost/benefit analysis Dive into the heart of the business case, where numbers meet narrative. It's all about painting a bigger picture that transcends the data of spreadsheets. This analysis goes beyond simple bean-counting; it narrates how your initiative will streamline the organization's operations, reduce risks, and unlock new opportunities for revenue generation and client engagement. • Recommending the preferred solution Now, we want to present our hero—the recommended solution. This is your stage to shine, to persuade the powers-that-be why this path isn't just good, but gold. It's the sweet spot where costs are weighed against benefits, matching up neatly with the organization's grand plans and how much risk they're willing to take. You're not just selling a fix; you're selling a future. • Describing the implementation approach "Every good story needs a solid ending," says Giles "and your business case is no different. The final act? F E A T U R E S

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