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Business Benefit and Business Impact
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Business Benefit
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One of the most important things that Business Analysts and Project Managers must remember to include at the beginning of their Project Charters and Business Requirements Documents is the list of Business Benefits and how the project affects the business. The Business Benefits section of the Project Charter and Business Requirements Document should be in the style and tone of your business stakeholders. When the business stakeholders read the Business Benefits section of your Business Requirements Document, it should clearly and concisely remind them of exactly why this project is so important to them. For example,
- Product sales for product number 123 will increase by 3.5% each quarter for three quarters.
- The company’s largest customer will be able to complete a project that is strategically important to their Chief Financial Officer.
- Manufacturing cycle time for product number 456 will go down from 4.5 seconds to 4.1 seconds.
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Business Impact
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Business Impact is another vital section of a Project Charter and Business Requirements Document that should motivate your business stakeholders to read the business requirements in their entirety. The Business Impact Section should define how business processes and operations will be affected by the project. For the average sized project, the Business Impact Statement should include high level information and specific information. For example,
- High Level: All warehouse operations will be brought in-house.
- High Level: This project will reduce warehouse costs by 12% within 3 years.
- Low Level: All contracts for outsourced warehouse vendors will be canceled by September of 2024.
- Low Level: Warehouse Inventory Clerks will begin directly packing vendor delivery trucks rather than vendor personnel.
- Low Level: In order to handle the responsibility of loading vendor trucks, each of the 125 Warehouse Inventory Clerks will need to join the local union and pass 2 certification tests.
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