Impact assessment metrics allow you to measure and analyze the financial impact that implemented ideas have had (or will have) on your business and can help you analyze which kinds of ideas are worth investing in.
For more information and best practices on how to use impact assessment, please read this guide.
After an admin has enabled the impact assessment feature and defined at least one impact assessment metric, the impact tab appears inside the idea bubble.
Only administrators and the person/people responsible for the idea can assess the impact of the idea, but all users will be able to see them.
If you are a board admin, you can create, edit and delete impact assessment metrics in the admin portal's "Process" section. Open the impact assessment settings by clicking the "Impact assessment metrics" title.
To enable impact assessment, turn on the toggle switch on the right.
Once impact assessment is enabled, you can add new metrics by clicking the "Add new" button.
First, you must set a name for your impact assessment metric. It's good practice to use a name that is explicit and very easy to understand. For example: “Labor cost savings per month”.
The second field in the modal is the description. In the description field, you can provide more details, as well as instructions that will help the users better assess the impact of the idea.
Next, you must choose the type of metric, which determines how the values are collected and displayed. In general, ideas will either bring in revenue and/or lead to savings in time and costs. Most ideas will also require some kind of investment, which can be useful to also keep track of.
Next, you must define whether the value is recurring or not. For example, most cost savings and new revenue are recurring by nature (i.e., monthly time saving or quarterly revenue) while new products or processes typically require a one-off initial investment.
If you selected the "Value is recurring" option, you can further choose whether the value varies or is a constant. For example, many kinds of cost savings are usually quite static whereas revenue from a new product will naturally vary.
By choosing this option, users can assess each year's value separately within the specified time horizon. The present value of recurring metrics is calculated using Net Present Value (NPV). You can adjust the formula by changing the yearly discount rate and time horizon values from the boxes below.
The last step is to select categories where your new metric will be active. By default, the metric will be active in all categories, but if you’d like the metric to only affect specific categories, you can select those categories here.
You can also edit the metrics after they’ve been created.
To edit a metric, hover over the row corresponding to the metric you’d like to edit, and the edit button will appear. Please note that the metric type and recurrence can't be edited later on as this would affect the data that has already been collected.
How to delete them?
You can also delete metrics that you no longer need.
To delete a metric, click on the edit button of the metric you’d like to delete. Please note that deleting the metric will also lead to all related assessments being permanently deleted!
Don't forget to save your changes!
Green "Save" buttons can be found on all pages where changes can be made. Clicking this activates those changes.