Key Benefits of Better Business Cases

The advent of digital technology in organisations has revolutionised our general idea of a workplace. To keep up with the competition and to maintain their place in the market, an organisation needs to adapt to the latest technological developments. The Better Business Cases framework has helped guide organisation in making better business decisions. The Benefits of Better Business Cases are instrumental in accelerating growth in businesses.

Nowadays, the prevalence of Better Business Cases is rising in the United Kingdom. This blog will elaborate on what is the Better Business Cases framework and the key Benefits of Better Business Cases.

Table of Contents

1) What is the purpose of Better Business Cases?

2) What are the Benefits of Better Business Cases?

  a) Improved decision-making

  b) Increased accountability

  c) Enhanced stakeholder engagement

  d) Improved project delivery

  e) Reduced Costs

3) Conclusion

What is the purpose of Better Business Cases?

The primary purpose of Better Business Cases is to provide an objective analysis in a consistent format to decision-makers in organisations. The implementation of BBC facilitates better comparability and transparency in the creation of a project, and enables the organisation to make smart and informed investment decisions that create the most amount of public value.

What are the Benefits of Better Business Cases?

Some of the benefits of implementing Better Business Cases include:

Improved decision-making

One of the main advantages availed by the use of BBC is that it improves decision making, based on a thorough understanding of the costs, benefits, risks, and impacts of an investment proposal.

This character of the guidance ensures that the investments are aligned with the organisation’s long-term strategic objectives and priorities. BBC helps make sure that the scarce resources are addressed to the most worthwhile projects. This is done by offering a comprehensive understanding of the costs and benefits of an investment proposal to the decision makers.

Increased accountability

BBC encourages transparency and accountability in the business development management process by requiring investment proposals to be backed up by a strong business case. This character of the guidance helps ensure that investments are made based on sound economic analysis of the business case and the expected benefits are realised. BBC helps decision makers understand the different trade offs involved in different investment proposals by providing a detailed analysis of costs and benefits.

In addition, BBC ensures that decision makers understand the potential risks associated with different investment proposals. This helps in informed decision-making on whether to proceed with an investment, as well as the management of the risks identified.

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Enhanced stakeholder engagement

BBC requires a detailed analysis of the stakeholder’s needs and specific interests, which helps to ensure that their opinion is taken into consideration while developing investment proposals. This character of the guidance helps develop trust and support for investments, and ensures that the investments are aligned with the needs and priorities of the stakeholders.

Decision makers can gain a more comprehensive understanding of the stakeholder’s needs and priorities by continuously working with the stakeholder during the complete investment proposal process. This helps ensure that the investments are designed to meet the specific needs of stakeholders, and that they are delivered in a manner defined acceptable to them.

Improved Project Delivery

BBC provides a framework for the identification and management of risks, which helps ensure that investments are delivered to the stakeholder on time, within budget, and to the required benefits. The detailed, thorough analysis of risks as suggested in the BBC guidance helps decision makers identify any potential problems early in the project development cycle, and to take the corresponding mitigating actions.

This character of the guidance helps improve project delivery by making sure that the risks are managed in an effective manner, and that projects are delivered in accordance with the stakeholder’s needs and priorities. BBC helps ensure projects are delivered in a manner considered acceptable to stakeholders by providing decision makers with a comprehensive understanding of the risks associated with an investment proposal.

Reduced Costs

BBC also ensures reduced costs over a traditional business development management process. helps identify opportunities for cost savings and efficiencies by requiring a thorough analysis of costs and benefits. This character of the guidance helps optimise the use of resources and deliver better value for money.

Decision makers can make informed decisions about the allocation of scarce resources by identifying the costs and benefits with an investment proposal. This helps ensure that investments are addressed towards the investments considered to have the highest amount of value, and that the scarce resources are used in the most effective and efficient way possible.

Conclusion

All in all, Better Business Cases offers a structured and systematic approach to decision making in the investment proposal process. The approach to decision making prescribed in the BBC guidance helps an organisation make better decisions, improve project delivery, and deliver better value for money. Decision makers are able to make the most informed decisions in the investment proposal process based on a thorough understanding of the costs and benefits, by requiring investment proposals to be supported by a strong business case.

Learn how to develop a comprehensive business case by signing up for our Better Business Cases courses.