Improvement teams are increasingly being asked to demonstrate the financial impact and ROI of their improvement projects. This is something we have written about before, and now we are introducing new functionality that will help organisations track and aggregate financial impact data.
Part of the updates coming in Life QI v3 will see the introduction of new charting options - new chart types and configuration and display options. This provides great flexibility and options when it comes to measuring and displaying data. There are a range of ways in which you might want to measure the financial (e.g. cost saving) impact of projects.
We have shared a couple of examples here based on measuring the cost saving impact of individual projects (done on each project) and then aggregating this data to look at savings per month or cumulative savings over time.
Example 1: cost savings per month from 4 projects
Example 2: cumulative cost savings from 4 projects
The example above also highlights the option to add Goals to charts. So if your leadership have set a cost saving target, you will be able to track cumulative progress towards that and clearly demonstrate when it has been met and which projects contributed to that success. Great hey!
Remember, the examples shown here are purely illustrative. You may wish to track and visualise your financial impact data in other ways and your Success Manager will be happy to work with you to shape your analytics when this functionality is launched in 2021.