Tracking return on project investments is easy. Find out how in this brief guide.
In this guide we will show you how to setup and activate the Innovation module on a project.
This enables you to set predicted innovation value and track the value delivered over time. On the 'Innovation Investments' report available in Insights you can see the cumulative impact of value delivered across your portfolio.
1. Choose your project to activate Innovation
Find your project in the Project Index and open the project page.
2. Edit project
On the project page, click 'Edit project' in the header area (top right). On the Edit project form, tick the check box to 'Mark as Innovation' and click 'Submit'.
3. Set and track Innovation ROI on your project
The Innovation module is now visible on your project page. Note This is private to your organisation, it is not shared with your supplier.
By clicking ‘update’, you can add and update your forecast at any time, giving you a full history. We recommend adding individual forecasts for
• Years you are likely to see benefits (year 1, year 2 etc)
• Types of benefits e.g. efficiency savings or carbon reduction.
You can capture the value delivered as the project progresses by clicking ‘update’ in the ROI Outcomes section. We recommend updating this on a quarterly basis to track change.
TIP! use Internal Documents on the project page to store any additional evidence or reports, e.g. a business case document with full details on the predicted innovation value.
4. Monitor Innovation across your portfolio
Use the 'Innovation Investments' report, available in Insights to check in on how your overall portfolio is progressing and to see the total value being delivered through innovation by your suppliers.