Making a business case for a modern procure to pay (P2P) solution
Persuading organizations to invest in new technologies tends to require much effort and time. To support the process of gaining the buy-in decision, you should make sure you have a compelling business case that clearly captures the reasoning for initiating the project. As the cost and complexity of the investment increase, so does the importance of having a good business case.
Start by defining your current situation
The first step when creating a business case for P2P
is to define your current situation. This should be a thorough analysis. The amount of time needed depends on a number of factors, such as the size of your organization as well as the level of complexity of the project. Ensure you get to the bottom of the task and consider the nitty-gritty details. To make sure you capture the whole picture, you should outline all steps of each individual process.
What should a business case for P2P include?
- Background: Conduct an analysis of the current situation (as described above) and define the goal of the investment.
- Purpose/benefit: Outline both financial benefits (i.e. those that are ultimately translated into ROI) as well as non-financial benefits, such as “increased security”, “better control”, or “happier employees”.
- Costs: Consider both direct and indirect costs as well as the resources that will be needed before, during, and even after the implementation.
- Project Delivery: Describe how the project will be delivered. Ensure it is feasible with existing resources.
- Control & Follow up: Define the control mechanics in place to ensure the project is completed and that you achieve the goals. Also, you need to make sure that proper mechanisms will be available for monitoring and follow up after the implementation.
As there are vast amount of factors to consider when making a business case for a procure to pay software investment we have created a guide for creating a business case. The guide outlines what you should consider throughout the process. We hope that the guide will give you the support and instructions for creating a winning business case.
Get the guide here!