on July 21, 2020 in Business Case Management

7 Common Challenges Managing Business Cases in 2020

business men sitting at a table ooking at a piece of paper
The business case is a proposal for an investment decision.

Decision makers must have the relevant information needed to rationalize the investment opportunity. In most cases, they must make decisions against competing investments in order to optimize the use of their limited funds. Some of the common challenges we find today with this process are as follows:

7 Common Business Case Challenges

  • Lack of standardized process leading to data quality issues and delays
  • Process is lengthy with roles not clearly identified
  • Cannot compare like-for-like financials—multiple spreadsheet templates
  • Version control is difficult are creates errors during the revision process
  • Lack of approval workflow, scenario analysis, and automated reporting
  • No source system—dependency on Excel, Word, and PowerPoint (no follow-through post-approval)
  • No way to drive accountability—lack of governance process

Of the seven challenges identified above the most common is the lack of a standard process for managing business cases. In most large organizations we find that the process is disparate and often managed on a one-off basis. Different groups have different spreadsheets, assumptions, and calculations and they work their way up the approval chain differently.

Executives are frustrated with looking at different formats and not having the appropriate data to rationalize and prioritize the business cases presented.

The best way to solve these key challenges is to automate the process in a source system. This will allow for standardization, a structured process, accurate financials and knowledge management.

How Inpensa Solves Your Business Case Challenges

Inpensa’s custom solution solves every single one of the above problems. Allowing companies to focus on growth and not spreadsheets. Easily shareable with team members means Inpensa’s solution is collaborative. It also means our Business Case Management System has the ability to be viewed by anyone on the team at any time for progess, report checking, and version control all the way to final approval.

Learn more about our Business case Analysis and Development Here

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