You may have heard of the RICE prioritization framework for developing new products, but we believe that it can be applied to not just products, but also to services and even project implementation practices. What is this framework, and how can you use it when developing new ideas for your business?
What Does the RICE Prioritization Model Mean?
RICE stands for Reach, Impact, Confidence, and Effort. All of these work toward the success of any potential goods you offer or solution implementations. To get the greatest return on your investment and to improve the odds of success, you will want to take all of these factors into account. If done correctly, it will help you determine if what you want to do is actually a good idea.
Instead of thinking about which services you might use, think about the ones that most people within your target market will find useful or helpful. For technology, for example, you might not consider the solutions you yourself would use, but instead might focus your efforts on technology that would have the greatest reach within your organization. What could you implement that would be a game-changer for your staff?
Impact can be difficult to generalize, but we’ll do our best to explain it. Essentially, you are thinking of it in terms of how greatly a consumer or an employee is affected by the product, service, or solution you are trying to deploy. You might say, for example, that implementing a Voice over IP phone system would have a relatively high impact on your individual employees’ productivity.
When you get excited to implement a solution or product, it’s easy to get caught up in it and throw all logical thinking out the window. Still, you should only be implementing solutions or putting out products/services that you have a high level of confidence in.
Finally, make sure that anything you choose to implement for your organization will be a worthwhile investment in terms of time and effort. Take a look at how long it will take to get the project off the ground, all while factoring in the amount of time you are investing into the research and planning phases.
Nexela wants to help you implement new technology solutions for your business! To learn more, reach out to us at (215) 525-3223.