When a business makes a decision regarding a project or a service to deliver, there are a number of things that should be considered. No longer do executives and business managers rely on ad-hoc analysis of external factors and determinants. In a time and age when computer technology has the power to change business environments in seconds, making informed and knowledgeable decisions is a must.
Not only this, with scarcity of resources becoming severe day by day, a business can no longer afford to make multiple investments in products and services simultaneously. Ideas and concepts that are tried and tested are prioritized over and above those that have even the smallest amount of doubt. Therefore, choosing between many services to deliver and many products to launch has become a core business competency.
The Value Of Alternative Analysis
Alternative Analysis is an approach to decision making that lets a business choose which projects or services to invest in from a list of a few shortlisted options. This list contains the most viable choices for a business, therefore, when only one is selected from the best three, the top choice has very little room for error.
Alternative Analysis is a very strict and focused approach that teaches a business to prioritize and build its portfolio such that none of the services or products offered are secondary in terms of performance or profitability. Alternative Analysis is valuable because:
• It brings out multiple, cost effective options for investment.
• It helps validate and confirm that the service chosen or the pricing model chosen by the business is the best to take forward.
• It reduces the possibility of risks because of a thorough analysis conducted before selection.
• It reduces the need for re-dos that can cost a lot and usually bring a lot of inefficiency as well.
Alternative Analysis Methodology
InfoTrinsic Solutions has a unique insight into this methodology. No matter how big or small a business is it cannot deny the importance of limiting costs and expenses when launching a service or product. Curbing costs is the best way to increase revenue, which is why, when the most appropriate product or service is being chosen, Alternative Analysis takes into account the costs tied to the new initiative or business venture.