With Business Intelligence (BI) platforms at your disposal, your organization can use data analytics to make better decisions regarding its future. However, using business intelligence platforms requires certain steps so that you can make the most of it. Here’s what you need to do to make proper use of your data. Read More
- Published: 01 Dec 2021
A common framework for developing products is the RICE prioritization framework, but we might argue that you can apply it not just to products, but also to services you might offer and even project implementation. What is the RICE framework, and how might you leverage it to your advantage?
What Does the RICE Prioritization Model Mean?
In short, RICE stands for Reach, Impact, Confidence, and Effort, all variables which will contribute to the success of any potential products, services, or solution implementations. You want to factor in each of these if you want to get the greatest return on your investment, and it can help you distinguish good ideas from bad ones. Ultimately, you want to implement solutions that score well in this prioritization model as soon as possible, while others you can probably afford to wait on for a better opportunity or chance to do so.
Rather than think about what products or services you might use, consider how you can make your goods and services appeal to as many people within your target market as possible. As for your technology, consider not just products or solutions you yourself would use, but those that might have the greatest reach within your organization. Which solutions or systems would be beneficial for the majority of your staff?
Impact is a difficult topic to generalize. Basically, you want to think about it in terms of how greatly someone, be they a consumer or an employee, is affected by the product, service, or solution you are building or deploying. For example, you might say that implementing a Voice over IP phone system would have a relatively high impact on your individual employees’ productivity.
It’s easy to get excited about a new solution, product, or service, but another entirely to let the excitement blind you into making rash or illogical decisions. You should only be implementing products or services for which you have a high degree of confidence.
The final step in this process is to determine how much time and effort you will have to invest to make this product or service worthwhile, or in the case of a project implementation, how long it will take to deploy it. You’ll also want to take into account the time spent during the planning or research phases of this implementation.
At the end of the day, if your RICE score is not to your liking, then you’ll know that you should put the idea on the backburner--at least for now. As for your technology, on the other hand, Compudata can help your organization implement the right solutions for your business. To learn more, reach out to us at 1-855-405-8889.