Prioritizing New IT Ventures
Decluttering an overwhelmed system
An insurance company, “InsurCo,” believed it was spending too much of its budget on IT, attributing heightened costs to prioritization inefficiencies. Its systems faced hundreds of competing priorities, but struggled to balance competing interests and perspectives. Streamlining these processes into a systematic and objective roadmap was complicated by competing departmental priorities, stakeholders, and perceptions of value.
LDR was selected by InsurCo to developed a revamped IT prioritization methodology that would effectively and objectively prioritize competing initiatives and projects by their overall value to the business. By working across departments and management levels, LDR was able to create an IT systems roadmap that enabled different business units to identify, share, and prioritize IT initiatives across the enterprise.
The Goal
When InsurCo was faced with optimizing their IT ecosystem, they engaged LDR to streamline the significant IT spend process into a systematic and objective roadmap.
The Challenge
Develop a methodology to prioritize competing technology initiatives
Our Approach
Build a project framework to include multiple business units
Created a valuation process
Facilitated cross-functional best practice sharing
The Results
LDR quickly identified the challenges of competing priorities, stakeholders, and value propositions. After a deep immersion into the firm’s businesses, processes, and IT structure, LDR produced a bottom-up methodology for prioritizing IT spend.
Key Accomplishments
Built cross-functional capabilities between business units
Developed prioritization methodology
Created a streamlined process for complex, significant IT budget and spend
Successfully implemented a system to enhance enterprise communication and prioritization