Business Impact - Revision history

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User: Created page with "'''Business Impact''' is the benefit realized from a project or initiative expressed in terms of taking action vs. doing nothing. Business Impact should be quantified in one o..."

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Created page with "'''Business Impact''' is the benefit realized from a project or initiative expressed in terms of taking action vs. doing nothing. Business Impact should be quantified in one o..."

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'''Business Impact''' is the benefit realized from a project or initiative expressed in terms of taking action vs. doing nothing. Business Impact should be quantified in one of the 3 primary impact categories listed below. At the start of an engagement, we speculate on what impact we will create through the project, and then we go about proving that with data and customer feedback to determine the actual results realized from the actions we took.
*Make Money / Save Money.
*Capability / Resource / Operational Improvements
*Improved Customer / Employee Experience<ref>[https://www.searchdiscovery.com/blog/what-is-business-impact/#elementor-action%3Aaction%3Dpopup%3Aclose%26settings%3DeyJkb19ub3Rfc2hvd19hZ2FpbiI6IiJ9 What Does Business Impact Mean?]</ref>

===See Also===
[[Business Impact Analysis (BIA)]]<br />
[[Total Economic Impact (TEI)]]<br />
[[Total Economic Value (TEV)]]<br />
[[Return on Investment (ROI)]]<br />
[[IT ROI]]

===References===

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 == See Also ==
 *[[Total Economic Impact (TEI)]]
 *[[Return on Investment (ROI)]]

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 == What is Business Impact? ==
-Business impact is the consequences or result or outcome of a decision or action. or an event on any aspect of a business.
+[[Business]] impact is the consequences or result or outcome of a decision or action. or an event on any aspect of a business.
 *Managerial Decisions affect different aspects of a business. For example, picking the wrong application can negatively affect revenues, and stopping an out-of-control project can save the company money and reduce other negative consequences.
 *Projects or initiatives undertaken by an organization affect all aspects of its operations and well-being. A successful project, for example, can add a key capability that lowers market time.

@@ Line 1: / Line 1: @@
 == What is Business Impact? ==
-[[Business]] impact is the consequences or result or outcome of a decision or action. or an event on any aspect of a business.
+Business impact is the consequences or result or outcome of a decision or action. or an event on any aspect of a business.
 *Managerial Decisions affect different aspects of a business. For example, picking the wrong application can negatively affect revenues, and stopping an out-of-control project can save the company money and reduce other negative consequences.
 *Projects or initiatives undertaken by an organization affect all aspects of its operations and well-being. A successful project, for example, can add a key capability that lowers market time.

@@ Line 1: / Line 1: @@
 == What is Business Impact? ==
-Business impact is the consequences or result or outcome of a decision or action. or an event on any aspect of a business.
+[[Business]] impact is the consequences or result or outcome of a decision or action. or an event on any aspect of a business.
 *Managerial Decisions affect different aspects of a business. For example, picking the wrong application can negatively affect revenues, and stopping an out-of-control project can save the company money and reduce other negative consequences.
-*Projects or initiatives undertaken by an organization affect all aspects of its operations and well-being. A successful project, for example, can add a key capability that results in lowering time to market.
+*Projects or initiatives undertaken by an organization affect all aspects of its operations and well-being. A successful project, for example, can add a key capability that lowers market time.
 *Events such as a stock market crash or a hurricane also affect businesses. A hurricane can shut down key production facilities or disrupt customers' ability to purchase your product. These events can be internal or external to the company; can be positive or negative.
@@ Line 23: / Line 23: @@
 There are a few different ways to measure the impact of a business on different areas of life. These include impacts on finances, reputation, operations, and the environment.
-A business impact analysis (BIA) is a process that helps organizations identify and assess the potential effects of an event on business operations. The purpose of business impact analysis is to identify and assess the potential effects of an event on business operations.
+A [[Business Impact Analysis (BIA)]] is a process that helps organizations identify and assess the potential effects of an event on business operations. The purpose of business impact analysis is to identify and assess the potential effects of an event on business operations.
@@ Line 44: / Line 44: @@
 == See Also ==
 *[[Total Economic Impact (TEI)]]
 *[[Return on Investment (ROI)]]

@@ Line 1: / Line 1: @@
-== What is the definition of business impact? ==
+== What is Business Impact? ==
+Business impact is the consequences or result or outcome of a decision or action. or an event on any aspect of a business.
 *Managerial Decisions affect different aspects of a business. For example, picking the wrong application can negatively affect revenues, and stopping an out-of-control project can save the company money and reduce other negative consequences.
 *Projects or initiatives undertaken by an organization affect all aspects of its operations and well-being. A successful project, for example, can add a key capability that results in lowering time to market.
 *Events such as a stock market crash or a hurricane also affect businesses. A hurricane can shut down key production facilities or disrupt customers' ability to purchase your product. These events can be internal or external to the company; can be positive or negative.
 In business, '''Business Impact''' refers to the benefit realized from a project or initiative expressed in terms of taking action vs. doing nothing. Business Impact should be quantified in one of the 3 primary impact categories listed below. At the start of an engagement, we speculate on what impact we will create through the project, and then we go about proving that with data and customer feedback to determine the actual results realized from the actions we took.
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 The different types of business Impacts are:
 *Short-term or long-term: the time duration for which the effect lasts
-*Localized or Externsive: the scope of the impact
+*Localized or Extensive: the scope of the impact
 *Minor or catastrophic: the extent of the impact
-*Direct vs indirect: whether consequences are on the business or in its ecosystem
+*Direct vs. indirect: whether consequences are on the business or in its ecosystem
 *Positive or negative: results work in favor of the business or against it
 *Intended or unintended: consequences are the result of planned action or happened without them
@@ Line 26: / Line 24: @@
 A business impact analysis (BIA) is a process that helps organizations identify and assess the potential effects of an event on business operations. The purpose of business impact analysis is to identify and assess the potential effects of an event on business operations.
 == Why should we assess business impact? ==
 == Why is business impact important? ==
 == What are some examples of business impact? ==
 A business impact is anything that changes the business's current processes and operational activities. It can be positive or negative, depending on the circumstances.
-It's important to determine which areas of the business would be impacted by an event, and to buy your organization time to prepare for it. The business impact analysis examines the operational and financial influences of a disruption of business functions and methods.
+It's important to determine which areas of the business would be impacted by an event and to buy your organization time to prepare for it. The business impact analysis examines the operational and financial influences of a disruption of business functions and methods.
-The timing of a troublesome event can have a major influence on the loss suffered by a business. Some parts of the business are more important than others and require more attention when disruptions happen. The term "business impact" refers to the importance of different parts of the business. "Distributions" are the processes and procedures that are put in place to address the different impacts of disruptions.
+The timing of a troublesome event can have a major influence on the loss suffered by a business. Some parts of the business are more important than others and require more attention when disruptions happen. The term "business impact" refers to the importance of different parts of the business. "Distributions" are the processes and procedures put in place to address the different impacts of disruptions.
-Understanding the consequences of business decisions is essential for improving performance. But gathering data and assessing the business impact of a decision can be daunting. By understanding the basics of business impact, you can take steps to improve your organization’s performance
+Understanding the consequences of business decisions is essential for improving performance. But gathering data and assessing the business impact of a decision can be daunting. By understanding the basics of business impact, you can take steps to improve your organization’s performance.
-===See Also===
+== See Also ==
 *[[Business Impact Analysis (BIA)]]
 *[[Total Economic Impact (TEI)]]
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-===References===
+== References ==
 <references />

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 *[[Total Economic Impact (TEI)]]
 *[[Return on Investment (ROI)]]
 *[[IT Strategy (Information Technology Strategy)]]
 *[[IT Governance]]