No matter how large an organization is, no company has unlimited time or budget for new projects. And if you own or manage a SMB, you likely have limited resources to dedicate to new software implementations.
But no matter your budget, there is a way of strategically prioritizing new projects to get more done with less.
This guide will show you how to focus on the most impactful IT or software initiatives and give you some effective methods to prioritize projects for your technology roadmap.
Assess Business Alignment
You should already have a list of projects you want to add to a technology roadmap to help you reach your business goals. These could include anything from updating outdated software to bringing in new solutions to updating security patches.
The first step toward prioritizing your projects is to rank projects in order of how they tie into your strategic goals. Look at your key revenue and efficiency drivers to evaluate how each project will support those long-term success metrics.
For example, updating outdated accountancy software could directly save your company money by reducing errors or settling invoice payments faster. On the other hand, you may prioritize team communication software, which won’t affect the bottom line but may boost efficiency.
Consider Urgency Factors
Next, you need to think about urgency. Do you have any security vulnerabilities or compliance issues that must be addressed first? Anything that puts your data or customer information at risk should be a high priority on your technology roadmap.
You should also prioritize projects that replace end-of-life systems nearing failure. This includes any software coming to the end of its license that will need to be replaced.
If your business needs help identifying risk or higher priorities in its technology roadmap, a business analyst offers the knowledge needed to make prudent, strategic decisions.
Evaluate Potential Benefits
But what about all the projects that aren’t extremely high priority or urgent?
You’ll need to use a scoring matrix or profit tree to rank projects based on their benefits. Consider key factors like increased productivity, retention, churn, cost savings, or revenue growth. Lay out your technology roadmap based on each solution’s ability to support business growth and hit your most important success metrics.
Consult Stakeholder Needs
If you’re unsure how to score a project, consult key stakeholders and create a survey on user frustrations with existing systems. You’ll get useful insights into what your current systems lack and user feedback on what should be prioritized on your technology roadmap.
This is also a great opportunity to address departmental requirements for new capabilities. There could be projects that seem low down on your list of priorities but could make a significant difference to inter-departmental teams.
It’s also important to remember that a common reason for talented employees to leave is to move to businesses that offer better software and technology to work with. New potential employees are also very sensitive to the technology they will be using if they accept the position.
Review Against Budget Constraints
In an ideal world, we’d prioritize projects based solely on company goals, but budget constraints are always an important factor. When you’re reviewing the benefits and drawbacks of each project, favor those providing the highest ROI within your set budget.
If there are larger projects that exceed your budget, stagger these projects over the next two to three years.
By prioritizing solutions that lift revenue directly, you could use the additional revenue to fund or fast-track projects on your technology roadmap to take your business to the next level.
Develop Prioritization Criteria
There are plenty of factors you could use to score your technology roadmap projects, but what is a high priority for one business may be low on the list for others. Some common examples are:
- Increased revenue
- Boosted efficiency
- Higher productivity
- Better customer service and retention
Develop a set of prioritization criteria and assign weights to score each project. Then, organize projects into priority tiers for your roadmap to help you determine what to assign to your 12,18, and 24-month project plans.
Reassess Annually
Once you’ve ranked and prioritized projects, you have essentially created a technology roadmap! But, don’t stop there. Reassess the priorities and outcomes of your projects annually (at a minimum) and refresh priorities as goals and risks change.
Set a time to review your plans to ensure your current projects are on track, and be prepared to pivot and change course if necessary. This kind of housekeeping is crucial to ensure your projects continue to help your business progress toward your strategic goals.
Need Some Help Getting Started With Your Roadmap?
Using a prioritization approach will optimize your roadmap to deliver maximum business value from your projects. The goal is to prioritize projects that give the best ROI in the least amount of time so that you can dedicate more time to larger, multi-year projects in the future.
If you’re struggling with the prioritization process and are unsure which projects should come first to get the best results, check out StackPlan’s Directory. The vetted experienced software implementation consultants will help you map out your business goals, prioritize your projects, and track progress.
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