Companies are pulling all levers to try to navigate today’s waters, whether it’s decreasing headcount, delaying bonuses, pushing back timelines for new products, pausing hiring or tightening travel budgets.
However, as organizations look to find ways to streamline costs, an opportunity also arises to explore and implement innovative technology solutions that boost efficiency and daily operations. In fact, It's important to recognize that investing in new technology and processes can not only save money, but also increase productivity in the long term, and these solutions should be explored even during a recession. While budget constraints may cause delays, it's essential to prioritize these changes as they can greatly impact our workplace's success and potential for the future.
For example, One study conducted by McKinsey & Company found that companies that consistently invested in innovation during recessions outperformed their peers by an average of 30% in the years following the recession. On top of this, individuals, teams, and organizations are also shown to become more resourceful and innovative when the right amount of constraints exist.
So what tech would yield these long-term results? Here are just a few:
There are a lot of moving pieces required to get workplace technology up and running. Now, with this in mind, the question goes: How can you get others within your company on board? At Parkable, we’ve developed a guide to help you encourage and implement internal tech adoption.
After you've come up with a tech solution to a challenge or inefficiency in your workspace, you can use a business case model to shape your pitch. Building a business case is a great way to get others within your team or company on board before you're able to adopt the new, potentially disruptive solution.
It gives reasoning for undertaking a new project, program, or portfolio. It's a comprehensive look at the benefits, costs, and risks of all of your options. A good business case walks the audience through the logic that led to this specific solution to a challenge.
This approach is great for catering to the priorities of a workspace, such as cost, risk, efficiency, productivity, and profit margin.
In a report by the Project Management Institute (PMI) called "Is this really worth the effort? The need for a business case," it writes that "The Business Case sits at the heart of the project" and that, ultimately, this can act as a reference point before, during as well as after the project is implemented.
"The best way to justify the spend [on new technology] is to build a business case that demonstrates how the chosen technology or solution will meet stakeholder expectations and organizational priorities and drive business outcomes," according to management consulting firm Gartner, "To do that, you'll need to show the full value of the purchase across costs, value, and risk, and convey that value through simple but compelling storytelling."
So now with that storytelling concept in mind, here are a few steps that you can follow to start putting together a business case:
When you have a business case laid out, the best way to pitch it is to know who you're pitching it to.
Depending on the person/people/team that you're trying to sell on this idea, you need to be savvy in your approach as, because ultimately, each group will have its own objectives it's trying to meet.
And, of course, we'll give use Parkable as a tech solution example:
And, of course, including information that's not necessarily relevant to the person or team being pitched to is perfectly fine when making a business case. But just be aware of your audience and what they're trying to achieve themselves to ensure that the case remains relevant to them, compelling, and engaging.
When you've gone through all of the steps to build your business case, pulling it all together is all about storytelling to your fellow colleagues!
The facts and numbers of your pitch are important, but organizing your case to show the impact that your idea can have in terms of human cause and human effect is what will keep it all connected. How can everyone in the room better reach their goals with the help of the tech solution that you're proposing?
Change is often avoided in the workplace setting. After all, if it ain't broke ... But there is always room for improvement – even amid a recession – improvements that can actually serve the whole organization in the long run.
Just to summarize so you have a quick, high level synopsis on how to put your business case together:
Ultimately, if you can prove that your idea will lead to significant enough improvement, then you can also win over your team, other departments, and the organization as a whole.
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