IMS: Implementing the Investment Management Standard
Equal Bytes can assist with the implementation the Victorian Department of Treasury and Finance’s Investment Management Standard (IMS).
We have 30+ years of business consulting experience and value building partnerships and understanding your business and its culture.
We can help you by:
· Implementing the IMS.
· Working with you to write business cases.
· Providing mentoring services to develop business cases.
· Assisting to define and measure business benefits.
· Running workshops to develop business cases, investment logic maps, benefits realisation etc.
Case Study – “Working on gut feeling”
“Working on gut feeling”: This is the most common scenario we come across. Executive approving business cases without the informed confidence to say they stack up, i.e. do the financial and non-financial benefits outweigh the costs?
The scenario:
We are working with a medical organisation that has not implemented the IMS and has issues with inconsistent business cases. Each manager has a different way of creating their business cases and the level of detail, accuracy and clarity varies.
The CEO and Executive have a list of business cases and projects which all seem to make sense, but they are not confident in how they stack up, making it difficult to reach a decision to approve.
How are we helping?
We are working with the organisation, with the understanding that this is a journey. The first thing was to determine the current state and what maturity level they have.
We developed a road map to get to the target level of maturity. The first step was to create a standard business case template, which included not only what needed to be included but to what standard.
The Problem
These workshops are with the staff who are most affected, using a number of techniques to work out what is the actual problem. We then have a few days break so staff can reflect on the problem, root causes and collect evidence.
The Benefits
These workshops are held with the staff who are most affected, working out what are the actual benefits, why they are benefits, how they can it be measured etc.
Interventions
These workshops are with the sponsor, the project team and other stakeholders, working on how to solve the problem? In these workshops we bring up some far-reaching ideas, with the primary purpose of getting staff to think “outside the box”.
The Options
These workshops are with the sponsor, the project team and other stakeholders. In this workshop we balance the costs and benefits to work out what is the best mix of financial and non-financial costs and benefits and which one the sponsor will recommend to the Executive.
The result:
The vast majority of business cases are now consistent in format, the information provided and the quality. Each business case has financial and non-financial costs and benefits and how these can be assessed or measured.
The next step in the roadmap:
Towards the end of the year, when the CEO is satisfied with the quality of the business cases, we will be implementing more rigour around the investment logic maps and ensuring that business cases feed into the project and change management plans.
In our estimation, this is a twelve month project, to reach the desired level of maturity and rigour around business cases using the IMS.
Contact Equal Bytes to learn how we can help you
0487 410 772
admin@equalbytes.com.au
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